Learn what an RESP is and what are the rules and contribution limits to fund your children’s education using RESP. Contact BMO to know more about RESP.
You contribute money into a child’s RESP. The government will then contribute an additional 20% on the first $2,500 contributed annually, up to a maximum of $500 a year. That can add up to $7,200 over the lifetime of the RESP, per child, in grant money through the Canada Educatio...
RESP Contribution Rules & Limits What is the RESP Contribution Limit? There is no annual RESP contribution limit. However, to maximize your potential annual CESG grant of $500, it’s recommended that you contribute up to $2,500 to your RESP per beneficiary per year. Keep in mind that the...
Grow your savings faster with the Canada Education Savings Grant (CESG)1, Canada Learning Bond (CLB)2, and other government incentives. SeeRESP Grants and Bonds. Built-In Flexibility If the child doesn’t pursue post-secondary education, you may be able to choose a new beneficiary. Or, if...
You contribute money into a child’s RESP. The government will then contribute an additional 20% on the first $2,500 contributed annually, up to a maximum of $500 a year. That can add up to $7,200 over the lifetime of the RESP, per child, in grant money through the Canada Educatio...
For many children in their elementary years this is the perfect time to start laying the groundwork about their future. A recent study from Statistics Canada has shown youth who had access to an RESP were more likely to subsequently enroll in post-secondary studies than those who did not have...
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but an RESP in their name can stay open for up to 35 years. If the beneficiary chooses not to continue their education right away, they may decide to go back to school after a few years. Make sure you check the rules of your RESP plan for any other conditions, but in general, you...
“If the subscriber or account owner is a non-resident, they might have to pay taxes on any income earned in the RESP account as well as capital gains, according to the rules of their resident country.” This implies that only your resident country will tax the income and that Canada wil...
You may also have carry forward room from a previous year, that can be used up to a maximum of another $2,500 in contributions for another $500 in grant. Children from low-income families may also be entitled to Additional amounts of Canada Education Savings Grant (ACESG). Contact a fi...