To provide you with the tax benefit associated with the RESP, the federal government has established a lifetime maximum cumulative limit of $50,000 per beneficiary, without annual contribution limit. These allowable contribution limits apply to the beneficiary and not to the subscriber. This means that a parent and a grandparent, for example, may both subscribe independently to an RESP for the same beneficiary; however, the contribution limits must be respected to avoid a tax penalty.
You may contribute to the plan for 21 years starting on the plan creation date, and the RESP must be fully liquidated no later than 25 years after it was established.
Calculate the cost of your child's post-secondary education and the savings your child will need.