News
Registered Education Savings Plan (RESP)
The $4,000 annual RESP contribution limit has been eliminated and a lifetime RESP contribution limit has been increased to $50,000 from $42,000. The maximum annual RESP contribution qualifying for the 20% Canada Education Savings Grant has been increased to $2,500 from $2,000, resulting in an increase of $500 in government contributions. These changes apply to contributions made after 2006.