If there isn’t another account you can/wish to transfer to, you can close the RESP. At that point, any remaining grant money would be returned to the Government of Canada, and the rest of the money would go to the RESP subscriber as long as all of the following rules apply: All be...
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...
The Canada Education Savings Grant (CESG) is a federal program that will match 20% of any RESP contributions, to a maximum of $500 per child each year (Basic CESG). Children from middle- and low-income families are eligible for additional grants – either 10% or 20% extra (Additional CE...
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...
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...
“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...
That can add up to $7,200 over the lifetime of the RESP, per child, in grant money through the Canada Education Savings Grant (CESG). You may also be eligible for the Canada Learning Bond (CLB) and additional provincial grants. You can set up an individual or family RESP. An ...
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As with anything related to taxes, there are exceptions and special rules — you canfind all the details on the Government of Canada website. Government grants for opening an RESP Once an RESP is set up, there area couple of government grants that can help. Here are a few quick details ...
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...