TRANSFERS & WITHDRAWALS
EAP stands for this type of withdrawal.
What is Educational Assistance Payment?
$50,000
What is the lifetime RESP Contribution Limit per Beneficiary?
CESG
What is the Canada Education Savings Grant?
RESP is the acronym for this tax type.
What is a Registered Education Savings Plan?
20% Tax (unless moving to Subscriber's RRSP)
What is the AIP withdrawal penalty?
A Contributor must provide this identifying information to IFDS to contribute to a RESP.
What is a SIN? (Or name, DOB, Canadian address at set up...)
$1000 (2007 or later with Carry Forward)
What is the Basic CESG Annual Limit?
RESPs are registered with this organization.
What is the Canada Revenue Agency (CRA)?
EAP Withdrawals are reported in Box 42 of this slip and sent to the Student.
What is a T4A?
This person opens the education savings plan, has it registered, and makes contributions.
Who is the Subscriber?
Qualifying for this incentive CRA program automatically qualifies you for CESG and CLB.
What is the Canada Child Tax Benefit (CCTB)?
QESI is an acronym for this tax measure.
What is the Quebec Education Savings Incentive?
These are 4 types of RESP withdrawals.
What is a EAP, PSE, Capital Withdrawal, and AIP?
1% Monthly
What is the RESP Over-Contribution Tax?
$7200
What is the CESG Maximum Lifetime Amount per Beneficiary?
Beneficiary's 21st Birthday (Family Plan)
What is the age limit for someone to be named a Beneficiary?
When transferring between RESPs, transfers are subject to one of these CRA regulations.
What is the Income Tax Act? (ITA)
OR
What are the Canada Education Savings Regulations?
31 + 1 Years
What is the length of time someone has to contribute to a RESP? (Unless Family plan and Beneficiaries are older than 31)
$500 (first year)
What is the Canada Learning Bond (CLB) amount paid for the first year of eligibility?
To apply for National Child Benefit Supplement (NCBS), applicant must provide this form to CRA.
What is the CRA Child Tax Benefit Form (RC66)?