{"id":3846,"date":"2016-05-14T19:00:00","date_gmt":"2016-05-15T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/a-guide-to-registered-education-savings-plans\/"},"modified":"2023-11-01T10:43:32","modified_gmt":"2023-11-01T14:43:32","slug":"a-guide-to-registered-education-savings-plans","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/a-guide-to-registered-education-savings-plans","title":{"rendered":"A guide to registered education savings plans"},"content":{"rendered":"<p>     From the moment a child is born, looking towards the future takes on a whole new level of meaning for families. The notions of providing, preparing, and saving run deep for many parents, grandparents, and other family members as a means to help the younger generation put their best foot forward when they transition into post-secondary education. With the ever-rising costs of tuition and education-related expenses, Registered Education Savings Plans (RESPs) stand out as a primary option to effectively save for your child\u2019s future degree. <\/p> <h4>Education costs and where RESPs come into play<\/h4> <p>Since 1990\u20131991, the average tuition (plus other compulsory fees) in Canada will have grown from $1,464 to an estimated $7,755 in 2017\u20132018, including a 13-percent jump from 2014\u20132015.<sup>1, 2<\/sup> If the average annual increases continue in this pattern, children born in 2015 may be looking at over $60,000 in tuition and compulsory fees alone for a four-year undergrad degree.<sup>2<\/sup> And these numbers are only part of the overall equation once accommodations and other living expenses are factored in, driving home the significance of establishing an efficient savings plan.<\/p> <p>At the highest level, RESPs are tax-deferred plans specifically designed to help families reach education savings goals, offering a combination of flexibility, investment growth potential, and government support.<\/p> <div class=\"table-responsive\"> <table class=\"table table-border-horizontal mb-2\">     <tbody> \t\t<tr> \t\t\t<th> \t\t\t\tTypes of plans \t\t\t<\/th> \t\t\t<td> \t\t\t\t<strong>Family plan:<\/strong> This type of plan allows for more than one beneficiary. Each beneficiary must be connected by a blood relationship or adoption to each living subscriber or to a deceased original subscriber.<br> \t\t\t\t<strong>Individual plan:<\/strong> This type of plan allows for one beneficiary. The beneficiary can be the subscriber and may or may not be related to the subscriber.<br> \t\t\t\t(Note: Not all institutions offer both types of plans.) \t\t\t<\/td> \t\t<\/tr> \t\t<tr> \t\t\t<th> \t\t\t\tWho can be a subscriber? \t\t\t<\/th> \t\t\t<td> \t\t\t\tParents and grandparents are the most common subscribers to RESPs. Subscribers must be related by blood or adoption to the beneficiary(ies) for a family plan. \t\t\t<\/td> \t\t<\/tr> \t\t<tr> \t\t\t<th> \t\t\t\tWho can be a beneficiary? \t\t\t<\/th> \t\t\t<td> \t\t\t\tAny resident of Canada who has a Social Insurance Number (SIN). \t\t\t<\/td> \t\t<\/tr> \t\t<tr> \t\t\t<th> \t\t\t\tKey details \t\t\t<\/th> \t\t\t<td> \t\t\t\t<ul> \t\t\t\t\t<li> \t\t\t\t\t\tThere is a $50,000 lifetime contribution limit per RESP beneficiary. There is no annual limit, although only a portion of the contribution may be eligible to receive the Canada Educations Savings Grant (CESG). \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tContributions are not tax-deductible and can be withdrawn tax-free. \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tIncome, gains, and government incentives, including the CESG, Canada Learning Bonds (CLB), and some provincial incentive plans accumulate on a tax\u2011deferred basis. \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tThe RESP has to be wound down by the end of the calendar year that includes the 35th anniversary of the plan opening date (40th year for a plan with a disabled beneficiary). \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tThere are flexible investment options within the plan; investments that are eligible for an RRSP are also eligible for an RESP. \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tFurther information and details are available on the <a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/resp-reee\/menu-eng.html\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">CRA website<\/a>. \t\t\t\t\t<\/li> \t\t\t\t<\/ul> \t\t\t<\/td> \t\t<\/tr> \t<\/tbody> <\/table> <\/div> <h4>Canada Education Savings Grant (CESG)<\/h4> <p> \tA main benefit of RESPs exists in the form of a federal government support program called the Canada Education Savings Grant. These grants provide a significant boost to the RESP\u2019s capital, helping to build savings faster. <\/p> <h5>Features of the CESG<\/h5> <ul> \t<li>A lifetime limit of $7,200 per beneficiary.<\/li> \t<li>The CESG is paid to an RESP beneficiary who is 15 years old or under. (Specific rules exist for children who are 16 and 17 years old.)<\/li> \t<li>The government matches 20 percent of annual contributions to an annual maximum of $500 on a $2,500 contribution for each beneficiary. If the beneficiary has unused grant room from a previous year, the annual maximum payable is $1,000.<\/li> \t<li>A beneficiary must be a resident of Canada in order to accumulate grant room for any given year.<\/li> <\/ul> <p> \tFurther information and details are available on the <a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/resp-reee\/cesp-pcee\/csg-eng.html\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">CRA website<\/a>. <\/p> <h5> \tBuilding strategy into withdrawals <\/h5> <p> \tWhen the time comes for a beneficiary to start withdrawing funds once enrolled in a post-secondary program, a basic understanding of the types of withdrawals can make a difference in regards to how the funds are treated. In general, it\u2019s advisable for a beneficiary to receive an Educational Assistance Payment (EAP) first, rather than a refund of contributions. While contributions can be removed at any time, if the CESG and income portions remain in an RESP after a beneficiary has completed school, there may be negative consequences when these funds are withdrawn from the plan. <\/p> <div class=\"table-responsive\"> <table class=\"table table-border-horizontal mb-2\"> \t<thead> \t\t<tr> \t\t\t<th> \t\t\t\t<strong>Type of Withdrawal<\/strong> \t\t\t<\/th> \t\t\t<th> \t\t\t\t<strong>Features<\/strong> \t\t\t<\/th> \t\t\t<th> \t\t\t\t<strong>Tax Treatment<\/strong> \t\t\t<\/th> \t\t<\/tr> \t<\/thead> \t<tbody> \t\t<tr> \t\t\t<td> \t\t\t\tEducational assistance payments (EAPs) \t\t\t<\/td> \t\t\t<td> \t\t\t\t<ul> \t\t\t\t\t<li> \t\t\t\t\t\tEAP payments consist of: \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tAccumulated income \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tCESG \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tCLB \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tProvincial benefits \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tPayable for up to six months after ceasing enrollment in an educational program \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\t$5,000 withdrawal limit in the first 13 weeks of a post-secondary program \t\t\t\t\t<\/li> \t\t\t\t<\/ul> \t\t\t<\/td> \t\t\t<td> \t\t\t\t<ul> \t\t\t\t\t<li> \t\t\t\t\t\tFully taxable to the beneficiary \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tTax slip issued to the beneficiary \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tBeneficiary pays very little, if any, income tax since they are entitled to the tuition tax credit in addition to their basic personal exemption \t\t\t\t\t<\/li> \t\t\t\t<\/ul> \t\t\t<\/td> \t\t<\/tr> \t\t<tr> \t\t\t<td> \t\t\t\tRefund of contributions (principal) to you, the subscriber, or to your beneficiary \t\t\t<\/td> \t\t\t<td> \t\t\t\t<ul> \t\t\t\t\t<li> \t\t\t\t\t\tContributions can be returned at any time \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tPortion of CESG may be repayable to the government \t\t\t\t\t<\/li> \t\t\t\t<\/ul> \t\t\t<\/td> \t\t\t<td> \t\t\t\t<ul> \t\t\t\t\t<li> \t\t\t\t\t\tNot taxable \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tNo tax slips issued \t\t\t\t\t<\/li> \t\t\t\t<\/ul> \t\t\t<\/td> \t\t<\/tr> \t\t<tr> \t\t\t<td> \t\t\t\tAccumulated income payments (AIPs) \t\t\t<\/td> \t\t\t<td> \t\t\t\t<ul> \t\t\t\t\t<li> \t\t\t\t\t\tAn AIP may be paid if there is income earned within the RESP that has not been used by a beneficiary and specific conditions are met \t\t\t\t\t<\/li> \t\t\t\t<\/ul> \t\t\t<\/td> \t\t\t<td> \t\t\t\t<ul> \t\t\t\t\t<li> \t\t\t\t\t\tFully taxable to the subscriber \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tCan reduce amount subject to tax by transferring up to $50,000 to your RRSP if you have contribution room \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tAdditional 20% tax for any portion that is not transferred to subscriber\u2019s RRSP or spousal RRSP \t\t\t\t\t<\/li> \t\t\t\t<\/ul> \t\t\t<\/td> \t\t<\/tr> \t\t<tr> \t\t\t<td> \t\t\t\tPayment to a designated educational institution (DEI) in Canada \t\t\t<\/td> \t\t\t<td> \t\t\t\t<ul> \t\t\t\t\t<li> \t\t\t\t\t\tPayment is made if RESP has to be collapsed while investment income remains in the plan and the plan does not qualify for an AIP \t\t\t\t\t<\/li> \t\t\t\t<\/ul> \t\t\t<\/td> \t\t\t<td> \t\t\t\t<ul> \t\t\t\t\t<li> \t\t\t\t\t\tTaxable income to the DEI \u2014 not to you \t\t\t\t\t<\/li> \t\t\t\t\t<li> \t\t\t\t\t\tNot eligible for a charitable donation tax credit \t\t\t\t\t<\/li> \t\t\t\t<\/ul> \t\t\t<\/td> \t\t<\/tr> \t<\/tbody> <\/table> <\/div> <p>  <figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/05\/grandparents-grandson-storytime-in-page.jpg\" alt=\"grandparents grandson storytime\" class=\"wp-image-3847\" width=\"778\" height=\"518\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/05\/grandparents-grandson-storytime-in-page.jpg 778w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/05\/grandparents-grandson-storytime-in-page.jpg?resize=300,200 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2016\/05\/grandparents-grandson-storytime-in-page.jpg?resize=768,511 768w\" sizes=\"auto, (max-width: 778px) 100vw, 778px\" \/><\/figure>  <\/p> <h4>RESPs from a grandparent\u2019s perspective<\/h4> <p> \tSaving for a young family member\u2019s educational future is a focus not limited just to parents, but is a feeling that resonates quite strongly among the grandparent generation as well. Within some families, grandparents may have both the desire and the financial means to contribute to an RESP for their grandchildren. Not only is this a wonderful way to give a meaningful gift, but RESPs also present an opportunity for grandparents to transfer wealth early as part of their estate-planning goals. <\/p> <p> \tUnder the RESP guidelines, grandparents are able to establish and be the subscriber of an RESP. For those who choose to do so, there are certain advantages in establishing multiple beneficiary plans. For example, a grandparent can include all of his or her grandchildren from each child in one family RESP. A parent, by comparison, won\u2019t have the same list of beneficiaries since they cannot include nephews and nieces as beneficiaries of a family plan. <\/p> <p> \tAn alternate approach is one in which grandparents gift funds to their son or daughter who in turn establish (i.e., are the subscriber of) the RESP for the grandchildren. A main benefit of this approach is that the subscriber (the grandparent\u2019s child) can transfer the earnings from the RESP to their own RRSP, with certain limits, if one of the beneficiaries does not pursue post-secondary education. The disadvantage is that the grandparent has no control over the funds; the son or daughter controls how gifted funds are used, and as the RESP subscribers, they have the ability to withdraw the contributions. <\/p> <p> \tWith approximately 1.7 million students enrolled in Canadian universities in 2014\u20132015, according to Universities Canada, and given the fact that roughly three out of every four new jobs will require a post-secondary education,<sup>3<\/sup> the value of higher education \u2014 and adequately saving for it \u2014 is paramount. Having the support of an RESP allows youth to focus on their education, rather than the cost of it, and likewise puts them in the best position to successfully transition into life after school. <\/p> <div class=\"footnote\"> \t<strong>References:<\/strong> \t<ol> \t\t<li><span><a href=\"http:\/\/www.policyalternatives.ca\/sites\/default\/files\/uploads\/publications\/National%20Office\/2014\/09\/tier_for_two.pdf\" class=\"link-pdf\" target=\"_blank\" rel=\"noopener\">Canadian Centre for Policy Alternatives. Tier for Two. September 2014<\/a><\/span>.<\/li> \t\t<li><a href=\"http:\/\/www.policyalternatives.ca\/sites\/default\/files\/uploads\/publications\/National%20Office\/2013\/09\/Degrees_of_Uncertainty.pdf\" class=\"link-pdf\" target=\"_blank\" rel=\"noopener\">Canadian Centre for Policy Alternatives. Degrees of Uncertainty. September 2013<\/a>.<\/li> \t\t<li>Human Resources and Skills Development Canada. <a href=\"http:\/\/occupations.esdc.gc.ca\/sppc-cops\/l.3bd.2t.1ils@-eng.jsp?preview=1\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">Looking-Ahead: A 10-Year Outlook for the Canadian Labour Market (2008-2017). November 2008.<\/a><\/li> \t<\/ol> <\/div>  <div class=\"mb-2\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Providing an overview of the components, functions, and benefits of RESPs.<\/p>\n","protected":false},"author":0,"featured_media":3849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[334],"tags":[],"rbcwm_content_owner":[],"rbcwm_need":[68,84],"rbcwm_segment":[66],"rbcwm_solution":[82],"rbcwm_topic":[94],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-3846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-funding-education","rbcwm_need-grow","rbcwm_need-protect","rbcwm_segment-individuals-and-families","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"The basics of establishing and withdrawing from RESPs.","rbcwm_post_author":[],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["No"],"perspective_disclaimer":["No"],"expandable":[],"omit_from_pages":[],"disclaimer_footnote":"<p>This document has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc.*, RBC Phillips, Hager &amp; North Investment Counsel Inc., RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the \u201cCompanies\u201d) and their affiliate, Royal Mutual Funds Inc. 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