Notice #904 – Updated subscriber statement for an RESP over-contribution withdrawal of $4,000 or less (over-contribution form)

On this page

Information bulletin

Number: CESP/PCEE-2021/22-003-904

Date: June 08, 2021

Subject: Updated Subscriber Statement for an RESP Over-contribution Withdrawal of $4,000 or Less (over-contribution form)

Previous bulletin or notice

This notice follows information bulletin #174.

Purpose

To publish the revised over-contribution form and provide an overview of the changes.

Background

An over-contribution occurs when the total of all contributions made by all subscribers for a beneficiary exceeds the lifetime limit of $50,000.

Generally, the Canada Education Savings Grant (CESG) must be repaid if a subscriber withdraws contributions when no beneficiaries of the RESP are eligible for an Educational Assistance Payment (EAP).

However, the CESG does not have to be repaid if:

The over-contribution form was last updated in 2005.

What the changes include

Record-keeping for over-contribution withdrawals

Promoters must keep on file the information and declaration contained in the revised over-contribution form as of this release date. This is to support record keeping and to avoid grant repayments. If promoters do not have this information on file, the Canada Education Savings Program may require the repayment of grants.

Accessing the form

The updated form will replace the old version on the Forms tab of the Canada.ca/RESPresources webpage.

Contact us

Should you have any questions, please contact us:

Our business hours are from 8 a.m. to 5 p.m., Eastern Time.

Report a problem or mistake on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, contact us.

Date modified: