RESP Withdrawals: What you need to know An RESP is a very powerful investment tool that can help you save and pay for your child’s post secondary education. There are important rules when it comes to withdrawing funds from your RESP Plan. A breakdown of the plan can help to understand the withdrawal rules and […]
RESP: FAQs Our child was born recently and we have not received a social insurance number (SIN). Can we still open an RESP account? No. The SIN is a required piece of information of the beneficiary that is needed to open the account. Please contact Service Ontario for more information on your child’s SIN. What […]
TIME/CONTRIBUTION LIMITS INDIVIDUAL PLAN FAMILY PLAN Annual Contribution LIMIT None None Annual Basic CESG LIMIT $1,000(provided beneficiary has adequate grant carry forward room) $1,000(provided beneficiary has adequate grant carry forward room) Lifetime Contribution LIMIT $50,000 $50,000 per beneficiary Lifetime Basic and Additional CESG LIMIT $7,200 $7,200 per beneficiary Contribution Time LIMIT Up to the 32nd […]