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...
– either 10% or 20% extra (AdditionalCESG) is provided on the first $500 of annualRESPcontribution. Additional amount is based on the adjusted income and can change over time as the adjusted income changes. The maximumCESGgrant amount for each child (including additional grants) is $7,200...
The lifetime RESP contribution limit is $50,000 per child, and you can make contributions for 31 years once you’ve opened the RESP. The lifetime grant maximum for a CESG is $7,200 per child. Planning for your child’s education journey (PDF, 2.2 MB) Opens in a new window.More det...
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?
3. Save up to the Maximum Contribution Limit The maximum lifetime contribution limit of RESPs is CA$50,000 per beneficiary. While you need only CA$36,000 to get the maximum CESG of $7,200, you can save up to the $50,000 limit to maximize tax-benefits and the compounding growth of...
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?
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?
Saving for your child’s education? An RESP (Registered Education Savings Plan) might be the right fit. Start investing efficiently and affordably with BMO.
Remember, there’s a cap of $8,000 on EAPs during the first 13 weeks of enrollment in a qualifying post-secondary program. After this period, there’s no maximum limit. To make the most of your RESP: By withdrawing contributions after the beneficiary has enrolled in post-secondary education...
The CESG is a maximum of $7,200 per beneficiary among all plans for the same beneficiary. There are instances where the government may not contribute up to $7200, such as the lump sum contribution. 2 Proof of enrolment/verification of enrolment would be signed or certified by the Institution...