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Canada RESP: Contribution Limits, Government Benefits, and Withdrawal Rules

A serene waterfront scene featuring a cluster of vibrant yellow daffodils in the foreground. The calm water reflects the moored boats, including a sailboat with its mast reaching toward the sky. The soft golden light of the setting sun casts a warm glow on the landscape, while the clear blue sky is adorned with wispy clouds. The peaceful harbor setting creates a perfect balance between nature and maritime tranquility.

What is an RESP?

The Registered Education Savings Plan (RESP) is a government-supported investment account designed to help Canadian families save for their children’s post-secondary education. It offers significant financial benefits, including government grants and tax-deferred growth.

Contribution Limits and Rules

There is no annual contribution limit for an RESP; however, the lifetime maximum contribution per beneficiary is CAD 50,000. Contributions are not tax-deductible, but the investment grows tax-free until withdrawn for educational purposes.

Government Grants and Incentives

  • Canada Education Savings Grant (CESG): The government matches 20% of annual contributions up to CAD 500 per year, with a lifetime maximum of CAD 7,200 per beneficiary.
  • Additional CESG: Low- and middle-income families may qualify for extra grant contributions.
  • Canada Learning Bond (CLB): Eligible low-income families can receive up to CAD 2,000 without needing to contribute.

Withdrawal Rules

When the beneficiary enrolls in a qualifying post-secondary institution, they can withdraw funds from the RESP. There are two main types of withdrawals:

  • Educational Assistance Payments (EAPs): These include grants and investment earnings and are taxed in the student’s name (typically at a lower tax rate).
  • Refund of Contributions (ROC): Contributions can be withdrawn tax-free by the contributor.

What Happens If the Child Doesn't Go to School?

If the beneficiary does not pursue post-secondary education, contributors can withdraw their contributions tax-free. However, government grants must be returned. Investment earnings can be transferred to an RRSP under specific conditions.

Saving for education with an RESP is a smart financial decision. Take advantage of government incentives to maximize your savings.

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