What is an RESP?
RESPs are registered education savings plans that grow tax-deferred until the child is ready for university, college or a vocational institute. The student usually pays little or no tax on those funds when they are withdrawn at the student's lower income tax rate.
What are the RESP contribution limits?
While there is no longer an annual RESP contribution limit, there is a lifetime contribution limit of $50,000 per child. The Canada Education Savings Grant of up to $7,200 is not included in calculating the lifetime RESP contribution limits.