Contribution rules

Generally, you can contribute to family plans for beneficiaries who are under 31 years of age at the time of the contribution. However, transfers can be made from another family plan even if one or more of the beneficiaries are 31 years of age or older at the time of the transfer.

RESP contracts can take advantage of the new age limit as long as the specimen plan under which the contract is held is amended. The amendment must be applicable for 2008 and subsequent taxation years.

RESP contributions cannot be deducted from your income on your Income Tax and Benefit Return. In addition, you cannot deduct the interest you paid on money you borrowed to contribute to an RESP.

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