Registered Education Savings Plan

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A Registered Education Savings Plan (RESP) is a tax-deferred savings account designed for Canadians to save for qualified post-secondary education expenses for eligible students.

RESPs have the following features:

  • Contributions – A lifetime maximum of $50,000. The contributions are not tax-deductible and can only contribute to a family plan prior to the beneficiary turning 31. For an individual RESP, a client can contribute for up to 31 years after the plan is entered into.
  • Government assistance – The federal government offers the Canada Education Saving Grant of 20% (up to $500) on the first $2,500 invested in a RESP per beneficiary each year. The lifetime maximum is $7,500 per beneficiary.
  • Transfer – Up to $50,000 of eligible RESP income can be transferred to an RRSP or a spousal RRSP.

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