Quote:
Originally Posted by Slava
Yeah you have the grant portion right. Its the one time $500 grant if the child was born after 2005, and then they also received $100 when they turn 8, 11 and 14 (which is also being cut). The grant from the federal government remains and they match 20% technically up to $1000 if you haven't contributed every year. If you have hit the maximums though they match up to $500....so in your case its the $500.
Like I say I believe that they run these on a calendar year so if you plunked in the $2500 today you will be looking at 2016. I would confirm that.
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Part 1 - thanks!
Part 2 (bolded)- So... Assuming it's calendar year I've missed nothing. And assuming it's life years of the beneficiary I've missed nothing and could technically start after the first birthday. I'll obviously check.
Soo, if the lifetime contribution limit remains at $50,000 I've got twenty years of $2,500 contributions and a cumulative $10,000 of matching potential?