Canadian RESP Frequently Asked Questions
What's the RESP over contribution limit?
The lifetime limit on RESP contributions is $50,000 and there is no annual contribution limit anymore. Previously, the Canadian RESP contribution limit was $4,000 per child per year, until your child reaches the age of 18, for a total of $42,000 lifetime contribution.
The 2007 Federal Budget removed the $4,000 annual registered education savings plan (RESP) contribution limit and increased the lifetime RESP contribution limit to $50,000 from $42,000.
What's the best time to start RESP?
The best time to start an RESP account is when the child has just been born.
What's the minimum amount of money I can put in an RESP account?
Depending on the age of the child, you can open an RESP account for as little as $10/month. Please contact an RESP representative for details.
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