Registered Educational Savings Plan (RESP) : Tax tips

 

Child SIN required to contribute to a Registered Education Savings Plan (RESP)

If you're planning to contribute to a Registered Education Savings Plan (RESP) for your child to take advantage of the new Canada Education Savings Grant (CESG) program, your child will need a Social Insurance Number (SIN) before the RESP plan administrator can apply for the CESG.

Transfers out of Registered Educational Savings Plan (RESP)

If you have established an RESP (Registered Educational Savings Plan) and made tax deductible payments, if a child does not pursue post-secondary education, one of your options, if the RESP has existed for at least 10 years and all beneficiaries are over the age of 21 and not pursuing a post-secondary education, is to transfer up to $50,000 to your RRSP (or your spousal RRSP) provided you have the contribution room available.