Notice #904 – Updated subscriber statement for an RESP over-contribution withdrawal of $4,000 or less (over-contribution form)
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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.
To publish the revised over-contribution form and provide an overview of the changes.
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- the amount withdrawn is to reduce an over-contribution to an RESP, and
- the total over-contribution across all the beneficiary’s RESPs is $4,000 or less at the time of the withdrawal
The over-contribution form was last updated in 2005.
What the changes include
- Addressing past updates to the Income Tax Act:
- removing the annual limit
- increasing the lifetime limit to $50,000
- Clarifying when the CESG does not have to be repaid
- Stating that the CESG to be repaid is the lesser of a) or b), instead of a) and b)
- Removing 2 fields:
- year that the over-contribution was made
- how did this over-contribution occur
- Providing separate fields for Family Name and Given Name
- Adding a date format for date fields
- Stating that Employment and Social Development Canada may use the form to verify compliance for the provincial incentives it administers
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.
Should you have any questions, please contact us:
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