What is a Registered Education Savings Plan (RESP)?
An RESP is an education savings plan that allows for the contribution of funds into a tax-deferred account by a parent/grandparent/interested person (Member) on behalf of a child (Nominee) for the funding of post-secondary education costs. Interest earned on the Member’s principal contributions accumulates tax-deferred. Effective in 2007, the maximum contribution limit per child per year was eliminated and the lifetime limit was increased to $50,000.
An RESP is an education savings plan that allows for the contribution of funds into a tax-deferred account by a parent/grandparent/interested person (Member) on behalf of a child (Nominee) for the funding of post-secondary education costs. Interest earned on the Member’s principal contributions accumulates tax-deferred. There is no maximum contribution limit per child per year, with a lifetime limit of $50,000.
An RESP is an education savings plan that allows for the contribution of funds into a tax-deferred account by a parent/grandparent/interested person (Member) on behalf of a child (Nominee) for the funding of post-secondary education costs. Interest earned on the Members principal contributions accumulates tax-deferred. The maximum contribution limits are $4,000 per child per year, with a lifetime limit of $42,000.
