RESP Promoter Tools Update

Disclaimer: RESP promoters

The information contained on this page is technical in nature and is intended for Registered Education Savings Plan (RESP) and Canada Education Savings Program promoters. For general information, visit the RESP section.

Official title: RESP Promoter Tools Update

Information Bulletin

Number:
PCEE/CESP-2011/12-007-472
Date:
February 17, 2012
Subject:
RESP Promoter Tools Update

Purpose

The purpose of this bulletin is to inform RESP Providers about recent updates to RESP Promoter tools.

Budget 2011: Asset Sharing Among Siblings

Overview

Measures announced in the 2011 Federal Budget (Information Bulletin PCEE/CESP-2011/12-004-448) changed RESP transfer rules and the new legislation came into force December 15, 2011. RESP transfers may now be made without tax penalties and without having to repay CESG, if:

  1. the transferring and receiving plans have a common beneficiary, or
  2. a beneficiary in the receiving plan is a sibling of a beneficiary in the transferring plan. If the receiving plan is an individual plan, the subscriber must have entered into this plan before the plan’s beneficiary was 21 years old.

Updated Promoter Tools

The RESP Provider User Guide (Chapter 1-4 and Chapter 3-1) and RESP InfoCapsule No 16 incorporate the new transfer rules and are available for download on the Promoter tools page linked below.

Budget 2011: Education Tax Measures – Study Abroad

Overview

As mentioned above, measures announced in the 2011 Federal Budget changed RESP rules for studying abroad and the new legislation came into force December 15, 2011. Now programs at foreign universities will qualify for an EAP if they last at least 3 consecutive weeks. Programs at all other foreign educational institutions must last at least 13 consecutive weeks for EAP purposes, as under the previous legislation.

Updated Promoter Tools

The RESP Provider User Guide Chapter 3-2 now incorporates these changes and provides the latest information about educational institutions recognized for EAP purposes. This chapter is available for download on the Promoter tools page linked below.

Revised 2012 Income Brackets for Additional CESG

Overview

Eligibility for Additional CESG depends on the adjusted family net income for an eligible individual. Information Bulletin PCEE/CESP-2011/12-006-466 dated December 23, 2011 provides the latest income thresholds for 2012.

Updated Promoter Tools

The RESP Provider User Guide, RESP InfoCapsules and CESG-CLB Quick Facts now incorporate 2012 income brackets. These documents are available for download on the Promoter tools page linked below.

Link to Promoter Tools

Ongoing

The CESP revises Promoter tools on an ongoing basis. Please consult the following page for current versions:

Promoter Tools

Contact Us

Questions on this Information Bulletin should be directed to the Canada Education Savings Program by e-mail at cesp-pcee@hrsdc-rhdcc.gc.ca or by calling 1-888-276-3624.

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