2007 RESP Changes

The 2007 Federal Budget made the following changes to RESP in Canada :

  1. The $4,000 limit on annual RESP contributions was eliminated;
  2. The lifetime RESP contribution limit was increased to $50,000 from $42,000;
  3. The maximum annual amount of Basic CESG that can be paid in any year was increased to $500 from $400 (and to $1,000 from $800 if there is unused grant room from previous years).
    The lifetime CESG for each child is still $7,200.
  4. Students will be allowed to access up to $2,500 of their income and grants for each 13 week semester.
  5. Part-time Students will be required to have at least 12 hours a month on courses, in a course lasting at least three consecutive weeks.

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