RESP Plan: IMPORTANT TIME/LIMITS TO REMEMBER

1 Jun    Education Planning
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 year of the plan’s existence Up to the age 31 of each beneficiary
Plan’s Existence Can remain open for 35 years from the original contract start date. Plan must be terminated at the end of the 35th year. Can remain open for 35 years from the original contract start date. Plan must be terminated at the end of the 35th year.

ByVision Financial Solutions

Certified Financial Planner

Social Media Auto Publish Powered By : XYZScripts.com