to the RESP can be matched by the federal government through the Canada Education Savings Grant (CESG). This grant matches 20% of your contributions up to $2,500 each year. An RESP can remain open for a maximum of 35 years, with a lifetime contribution limit of $50,000 per beneficiary...
What’s the maximum RESP contribution?What’s the maximum R E S P contribution? How much does the government contribute to an RESP?How much does the government contribute to an R E S P? RESP BeneficiariesR E S P Beneficiaries Who is the beneficiary and who is the subscriber?
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.
What are the contribution limits? There is a lifetime contribution limit of $50,000 that you can contribute to an RESP for up to 31 years. The plan can remain open for a maximum of 35 years. Is this Registered Plan right for you?
For the purposes of this calculator, the following assumptions were made: Calculator Inputs For the purposes of this tool, the maximum limit for a child's current age is 18 and the maximum limit for your child's age starting post-secondary education is 31. For more information on age limi...
The lifetime RESP contribution limit is$50,000per child, and you can make contributions for31 yearsonce you’ve opened the RESP. The lifetime grant maximum for a CESG is$7,200per child. Planning for your child’s education journey(PDF, 2.2 MB)Opens in a new window. ...
RESPs have no maximum yearly contribution, but they do have a $50,000 lifetime limit for each beneficiary. That means that if one person is the beneficiary on multiple RESPs, the most the subscriber(s) can collectively contribute is $50,000 total across all accounts. Overcontribution leads...
RESPs have no maximum yearly contribution, but they do have a $50,000 lifetime limit for each beneficiary. That means that if one person is the beneficiary on multiple RESPs, the most the subscriber(s) can collectively contribute is $50,000 total across all accounts. Overcontribution leads...
RESPs have a lifetime contribution limit of $50,000 per beneficiary. What is an RESP? An RESP is a long-term investment strategy designed to let family members and friends help pay for a child’s education. An RESP has three main participants: The subscriber: The person who opens the ...
The lifetime contribution limit per child is $50,000, but there is no annual contribution limit. You have 31 years to contribute to an RESP, and the plan can remain open for a maximum of 35 years. Is there a penalty for over-contributing to an RESP? If you over contribute to an RES...