Budget 2007 – Changes to RESP
October 10th, 2007 Posted in Personal Finance
To make Registered Education Savings Plan or RESP more attractive, Government of Canada has made the following changes to RESP in the 2007 Federal Budget. These changes will apply to all transactions made on or after January 1, 2007.
- 4000 annual contribution limit has been eliminated
- Lifetime RESP contribution limit has been increased to $50,000 (from $42,000).
- Canada Education Savings Grant (CESG) annual amount has been increased to $500 (from $400)
- Lifetime CESG limit remains the same (which is $7,200)
To find out more about 2007 Budget and these changes - Click Here.
To find out more about RESP - Click Here.
