RESP Canada

What is the maximum Registered Education Savings Plan (RESP) contribution in Canada?

About the Maximum RESP contribution Canada:
The maximum lifetime RESP contribution limit is $50,000 per child.
There is no annual limit on the RESP contributions. However, the Canada Education Savings Grant payment is based on a maximum of $2500 of contributions made per year.
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How is an Registered Education Savings Plan (RESP) taxed?

About RESP taxation:
There is no tax deduction when a RESP contribution is made. However, the money in the RESP grows tax-free. The money that was contributed to the RESP is returned tax-free. The money that was earned by the investment is taxed when it is withdrawn to pay for the child’s education.
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How does an Registered Education Savings Plan (RESP) work?

About setting up an RESP:
The subscriber makes contributions to the RESP. Contributions are not deductible from the subscriber’s income on their tax return. The contributions are paid back to the subscriber at the end of the contract if they are not paid out to the beneficiary. Subscribers do not have to include these contributions in their income.
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How do you open a Registered Education Savings Plan (RESP)?

About opening an RESP:

To open an RESP:

1. You will need a Social Insurance Number (SIN).
   -Both the child and the subscriber need a SIN.
2. You must chose a Registered Education Savings Plan provider. See List of Registered Education Savings Plan Providers.

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