ਇਸ ਪਾਠ ਵਿੱਚ
RESPs and student aid
An RESP and student aid aren't either-or. RESP money can cover part of the costs, and the student can still apply for grants and loans for the rest. Students apply for Canada Student Grants and Loans through the province or territory where they live, so that office's application and rules are the ones that count.
Applications can ask about RESP money in different ways. Ontario's OSAP, for example, asks students to enter only the EAP amount they receive for the study period. Other provinces' forms can ask different questions, so answer the exact question on the student's own application.
Apply for student grants even with an RESP: grants don't have to be repaid, while loans do.
Records to keep
Good records answer the questions that providers, the CRA and aid offices ask later: how much was contributed, how much grant was paid, and what each withdrawal was. Keep:
- Yearly statements, which show contributions, grants and growth.
- Confirmation of each grant and bond paid for each child.
- Transfer forms, if you've moved the RESP.
- Proof of enrolment and receipts for each EAP request.
- The student's T4A slips: EAPs are reported with code 042.
- Student-aid applications and assessments, kept next to the RESP withdrawal confirmations for the same term.
A yearly RESP review
Once a year, for example when you file taxes or on your child's birthday, check that the plan is still on track:
- Contributions: did this year's contributions earn the full CESG, and is there unused grant room to catch up?
- Grants: are the CESG, Additional CESG, Canada Learning Bond and any provincial grant showing on the statement?
- Limits: how close is the child to $7,200 of CESG and the $50,000 contribution limit?
- Age rules: if the child is 13 or older, has the $2,000 test for ages 16 and 17 been met?
- Fees and investments: are fees still competitive, and does the mix suit the years left until school?
- Rules: have any official amounts changed? The sources on this site show when each was last checked.
ਉਦਾਹਰਨ
Each February, a parent goes through the latest statement with this checklist. One year, they notice that no Canada Learning Bond shows for their younger child and ask the provider to apply. They also see that their 13-year-old needs $2,000 contributed by the end of the year she turns 15, and plan for it.
ਜੋ ਸਿੱਖਿਆ ਉਸਦੀ ਜਾਂਚ ਕਰੋ
ਇੱਕ ਜਵਾਬ ਚੁਣੋ ਅਤੇ ਦੇਖੋ ਕਿ ਕੀ ਤੁਸੀਂ ਸਹੀ ਹੋ।
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ਜਵਾਬ ਦਿਖਾਓ
ਜਵਾਬ: Through their province or territory. Students apply through the province or territory where they live.
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ਜਵਾਬ ਦਿਖਾਓ
ਜਵਾਬ: A T4A. Providers report EAPs on a T4A slip, with code 042.
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ਜਵਾਬ ਦਿਖਾਓ
ਜਵਾਬ: The $2,000 test for CESG at ages 16 and 17. The $2,000, or $100 in four years, has to be contributed and not withdrawn by the end of the year the child turns 15.
ਤੁਹਾਡੀ ਵਾਰੀ
Create a yearly RESP review note: beneficiary age, contribution total, grants received, provider fees, investment mix, source check, and next action.
- Pick a date each year for the review.
- Gather the latest statement and the year's contribution records.
- Go through the review list and write down one next action.
- If school is two years away or less, look up the student-aid application where the student lives.