Staff
Lifetime contribution amount: $50,000 for RESPs opened after 2007
Annual contribution limit: None
Maximum age to open: None. However, Canadian Education Savings Grants are only available to children until December 31 of the year the child turns 17. Canada Learning Bonds are available to age 21.
Read: Making cash gifts “resp”onsible
Duration: until December 31 of the 31st year for contributions; must be wound up by December 31 of the 35th year.
Lifetime max grant amount: $7,200 (contributions up to $2,500 per year are eligible for a 20% Canada Education Savings Grant).
Provinces with additional grants: Quebec, Alberta
Needed to open: SIN and permanent residency
Overcontribution penalty: 1% per month