Canada Education Savings Regulations (SOR/2005-151)

Regulations are current to 2019-06-20 and last amended on 2018-12-07. Previous Versions

Canada Education Savings Regulations

SOR/2005-151

CANADA EDUCATION SAVINGS ACT

Registration 2005-05-17

Canada Education Savings Regulations

P.C. 2005-933 2005-05-17

Her Excellency the Governor General in Council, on the recommendation of the Minister of State styled Minister of Human Resources and Skills Development, pursuant to section 13 of the Canada Education Savings ActFootnote a, hereby makes the annexed Canada Education Savings Regulations.

Interpretation

 The definitions in this section apply in these Regulations.

Act

Act means the Canada Education Savings Act. (Loi)

assisted contribution

assisted contribution means a contribution made to an RESP in respect of which a CES grant has been paid. (cotisation subventionnée)

brother

brother in relation to a beneficiary, includes a son of the common-law partner or spouse of a parent of the beneficiary. (frère)

CLB

CLB means Canada Learning Bond. (Version anglaise seulement)

CLB account

CLB account means an account that holds the CLB paid into an RESP in respect of a beneficiary. (compte du bon d’études)

common-law partner

common-law partner has the same meaning as in subsection 248(1) of the Income Tax Act. (conjoint de fait)

EAP

EAP means an educational assistance payment. (PAE)

grant account

grant account means an account that holds all CES grants paid into an RESP. (compte de subvention)

RESP

RESP means a registered education savings plan. (REEE)

sister

sister in relation to a beneficiary, includes a daughter of the common-law partner or spouse of a parent of the beneficiary. (sœur)

trustee agreement

trustee agreement means an agreement entered into by the Minister and a trustee under an RESP that relates to the payment of a CES grant or CLB to the RESP. (convention de fiducie)

Ordering of Withdrawals

 If both assisted and unassisted contributions have been made to an RESP, withdrawals of contributions from the RESP are considered to be made in the order specified below:

  • (a) assisted contributions are considered to be withdrawn before unassisted contributions; and

  • (b) unassisted contributions made after 1997 are considered to be withdrawn before unassisted contributions made before 1998.

Manner of Determining Amount of CES Grants

 When a contribution has been made in a particular year and a CES grant in respect of the contribution would otherwise be payable at a time in a year following the particular year, the CES grant shall be reduced by the total of all amounts each of which is, in respect of another CES grant paid after the particular year and before that time, the amount by which the other CES grant would have been reduced had the CES grant been paid in the particular year.

Conditions for Payment of CES Grants

  •  (1) The Minister may pay a CES grant in respect of a contribution made to an RESP if

    • (a) the trustee enters into a trustee agreement with the Minister that applies to the RESP and includes the terms and conditions set out in section 8;

    • (b) the trustee submits, at the request of a subscriber under the RESP, an application for the CES grant

      • (i) for a contribution made after 2004, within three years after the date of the contribution, and

      • (ii) for a contribution made before 2005, no later than December 31, 2007;

    • (c) in the case where the beneficiary, in the year in which the contribution is made,

      • (i) attains 16 or 17 years of age, a minimum of $2,000 of contributions has been made to, and not withdrawn from, RESPs in respect of the beneficiary before the year in which the beneficiary attains 16 years of age,

      • (ii) attains 16 or 17 years of age, a minimum of $100 of annual contributions has been made to, and not withdrawn from, RESPs in respect of the beneficiary in at least any four years before the year in which the beneficiary attains 16 years of age,

      • (iii) attains 16 or 17 years of age and the year is 1998, the beneficiary was a beneficiary under an RESP in at least four years before 1998, or

      • (iv) attains 17 years of age and the year is 1999, the beneficiary was a beneficiary under an RESP in at least four years before 1998;

    • (d) the total of the contribution and all other contributions to RESPs made, or deemed to have been made for the purpose of Part X.4 of the Income Tax Act, in respect of the beneficiary does not exceed the RESP lifetime limit (as defined in subsection 204.9(1) of the Income Tax Act) for the year in which the contribution is made;

    • (e) in the case where the contribution is made after 1999 to an RESP that was entered into before 1999, the RESP complies at the time of the contribution with the conditions for registration set out in subsection 146.1(2) of the Income Tax Act that apply in respect of education savings plans entered into on January 1, 1999;

    • (f) the beneficiary is not an ineligible beneficiary; and

    • (g) the trustee complies with the terms and conditions of these Regulations and the trustee agreement that applies to the RESP.

  • (2) Subject to subsection (3), the Minister may pay an amount under subsection 5(4) of the Act if the RESP has only one beneficiary or, if there is more than one, every beneficiary is a brother or sister of every other beneficiary.

  • (3) If assisted contributions are withdrawn from an RESP after March 22, 2004, the Minister shall not pay the amount under subsection 5(4) of the Act in respect of an individual who was a beneficiary under the RESP at the time of the withdrawal throughout the period that begins on the day of the withdrawal and ends on the last day of the second year following the year in which the withdrawal is made unless

    • (a) the withdrawal is made at a time when at least one beneficiary under the RESP is eligible to receive an EAP under the RESP;

    • (b) the withdrawal is an eligible transfer; or

    • (c) the withdrawal is all or part of an excess amount of contributions to reduce the amount of tax, otherwise payable under Part X.4 of the Income Tax Act, and, at the time of the withdrawal, the excess amount for the year is not greater than $4,000.

  • (4) At the time a CES grant is paid to an RESP, the trustee shall credit the grant account of the RESP with the amount of the CES grant paid.

  • 2007, c. 29, s. 38
  • SOR/2018-275, s. 2

Ineligible Beneficiaries (CES Grants)

  •  (1) For the purposes of paragraph 5(3)(b) of the Act and paragraph 4(1)(f) of these Regulations, if contributions that were made to an RESP before 1998 are withdrawn from the RESP after February 23, 1998, any individual who is a beneficiary of the RESP at any time during the period beginning on February 24, 1998 and ending on the day of the withdrawal is an ineligible beneficiary throughout the period that begins on the day of the withdrawal and ends on the last day of the second year following the year in which the withdrawal is made.

  • (2) Subsection (1) does not apply if

    • (a) the total of all withdrawals made under the RESP for the year does not exceed $200;

    • (b) the withdrawal is made at a time when at least one beneficiary under the RESP is eligible to receive an EAP under the RESP;

    • (c) the withdrawal is an eligible transfer; or

    • (d) the withdrawal is all or part of an excess amount of contributions to reduce the amount of tax, otherwise payable under Part X.4 of the Income Tax Act, and, at the time of the withdrawal, the excess amount for the year is not greater than $4,000.

Conditions for Payment of CLB

  •  (1) The Minister may pay a CLB if

    • (a) the trustee enters into a trustee agreement with the Minister that applies to the RESP and includes the terms and conditions set out in section 8;

    • (b) the application for the CLB is made by the trustee, at the request of a subscriber under the RESP;

    • (c) the RESP complies at the time of the CLB payment with the conditions for registration set out in subsection 146.1(2) of the Income Tax Act that apply in respect of education savings plans entered into on January 1, 1999;

    • (d) the RESP has only one beneficiary or, if there is more than one, every beneficiary is a brother or sister of every other beneficiary;

    • (e) the RESP has a CLB account for each beneficiary in respect of whom a CLB is paid; and

    • (f) the trustee complies with the terms and conditions of these Regulations and the trustee agreement that applies to the RESP.

  • (2) At the time a CLB is paid to an RESP, the trustee shall credit the beneficiary’s CLB account within the RESP with the amount of the CLB paid.

  • SOR/2018-275, s. 3

Waiver — Undue Hardship

 The Minister may, for the purposes of section 9.1 of the Act, waive the requirement

  • (a) to designate a trust under subsection 5(7) of the Act;

  • (b) to apply for a CLB before the beneficiary reaches 21 years of age under subsection 6(1) of the Act;

  • (c) to designate a trust under subsection 6(4) of the Act;

  • (d) to provide a Social Insurance Number or business number under paragraph 7(b) of the Act; and

  • (e) to apply for CES grants within the time limits set out in paragraph 4(1)(b).

Terms and Conditions of Trustee Agreements

 Every trustee agreement shall include the following terms and conditions:

  • (a) the trustee shall provide the Minister with any information that the Minister requires for the purposes of the Act and these Regulations;

  • (b) the trustee shall maintain records and books of account that relate to the amounts paid under the Act in such form and containing such information as the Minister requires to enable the Minister to determine whether the amounts will be paid or are required to be repaid;

  • (c) the trustee shall allow the Minister access to all documents and other information that the Minister requires for auditing payments or repayments made under the Act or these Regulations;

  • (d) the trustee shall report to the Minister

    • (i) all contributions and transfers to, and all withdrawals and transfers from, an RESP that are made after 1997,

    • (ii) the portion of EAPs made from the RESP that is attributable to amounts paid under the Act, and

    • (iii) any other information related to the RESP that is specified in the trustee agreement;

  • (e) the reporting referred to in paragraph (d) shall be done annually or within any shorter period that is set out in the trustee agreement;

  • (f) the trustee shall submit all information to the Minister in a format and manner that is acceptable to the Minister;

  • (g) the trustee may make a distribution from an RESP only if, at the time immediately after the distribution, the fair market value of the property held in connection with the RESP would not be less than the total of the balance in the grant account and all CLB accounts of the RESP, unless the distribution is an EAP made to a beneficiary of the RESP and all of the EAP is attributable to CES grants and to a CLB;

  • (h) the trustee shall repay any amount required to be repaid to the Minister under these Regulations, other than the amounts payable by a beneficiary under subsection 12(2) and section 13; and

  • (i) the trustee shall not charge fees related to the RESP against the balance of the grant account or the CLB account of any beneficiary of the RESP.

Terms and Conditions of Agreements with Promoters

 Every agreement between the Minister and the promoter of an RESP shall include the following terms and conditions:

  • (a) the promoter shall provide the trustee with any information that the Minister requires for the purposes of the Act and these Regulations;

  • (b) the promoter shall report to the Minister any information related to the RESP that is specified in the agreement;

  • (c) the promoter shall submit all information to the Minister in a format and manner that is acceptable to the Minister;

  • (d) the promoter shall allow the Minister access to all documents and other information related to RESPs that the Minister requires for audit purposes; and

  • (e) the promoter shall not charge fees related to the RESP against the balance of the grant account or the CLB account of any beneficiary in the RESP.

Apportionment of EAP

  •  (1) Subject to subsection (3), the portion of an EAP made to a beneficiary under an RESP that is attributable to a CLB is

    • (a) if there is accumulated income in the RESP, the amount determined by the formula

      A × B/(C - D - E)

      where

      A
      is the amount of the EAP,
      B
      is the balance in the beneficiary’s CLB account of the RESP immediately before the EAP is made,
      C
      is the fair market value of the property held in connection with the RESP, determined immediately before the EAP is made or at an earlier time that is agreed to in the trustee agreement that applies to the RESP,
      D
      is the total of all contributions made to the RESP before the EAP is made that have not been withdrawn, and
      E
      is the total in all CLB accounts of the other beneficiaries under the RESP immediately before the EAP is made; and
    • (b) if there is no accumulated income in the RESP, the amount determined by the formula

      A × B/(B + F + G)

      where

      A
      is the amount of the EAP,
      B
      is the balance in the beneficiary’s CLB account of the RESP immediately before the EAP is made,
      F
      is the balance in the grant account of the RESP immediately before the EAP is made, and
      G
      is the total of all amounts paid into the RESP under a designated provincial program.
  • (2) Subject to subsections (3) and (4), the portion of an EAP made to a beneficiary under an RESP that is attributable to CES grants is

    • (a) if there is accumulated income in the RESP, the lesser of

      • (i) the amount determined by the formula

        A × F/(C - D - E)

        where

        A
        is the amount of the EAP,
        F
        is the balance in the grant account of the RESP immediately before the EAP is made,
        C
        is the fair market value of the property held in connection with the RESP, determined immediately before the EAP is made or at an earlier time that is agreed to in the trustee agreement that applies to the RESP,
        D
        is the total of all contributions made to the RESP before the EAP is made that have not been withdrawn, and
        E
        is the total in all CLB accounts of the other beneficiaries under the RESP immediately before the EAP is made, and
      • (ii) the amount, if any, by which $7,200 exceeds the aggregate of all amounts determined under subparagraphs (i) and (b)(i) in respect of an EAP previously made under the RESP to the beneficiary; and

    • (b) if there is no accumulated income in an RESP, the lesser of

      • (i) the amount determined by the formula

        A × F/(B + F + G)

        where

        A
        is the amount of the EAP,
        B
        is the balance in the beneficiary’s CLB account of the RESP immediately before the EAP is made,
        F
        is the balance in the grant account of the RESP immediately before the EAP is made, and
        G
        is the total of all amounts paid into the RESP under a designated provincial program, and
      • (ii) the amount, if any, by which $7,200 exceeds the aggregate of all amounts determined under subparagraph (a)(i) and subparagraph (i) in respect of an EAP previously made under the RESP to the beneficiary.

  • (3) The portion of an EAP that is attributable to CES grants or a CLB is nil where the beneficiary is not resident in Canada at the time the EAP is made.

  • (4) The portion of an EAP made to a beneficiary under an RESP that allows more than one beneficiary at any one time that is attributable to CES grants is nil where the beneficiary became a beneficiary under the RESP after attaining 21 years of age, unless, before attaining 21 years of age, the beneficiary had been a beneficiary under another RESP that allows more than one beneficiary at any one time.

  • (5) Where a CES grant or a CLB is paid as a portion of an EAP to a beneficiary under an RESP, the trustee shall debit the grant account or the CLB account of the RESP, as the case may be, at the time of the payment with the amount of CES grant or CLB paid.

  • 2010, c. 12, s. 32

Repayments

  •  (1) Subject to subsection (2), if assisted contributions are withdrawn from an RESP, other than by way of transfer to another RESP, when no beneficiary under the RESP is eligible to receive an EAP, the trustee under the RESP shall, within the period set out in the trustee agreement that applies to the RESP, repay to the Minister an amount equal to the lesser of

    • (a) the amount determined by the formula

      A/B × C

      where

      A
      is the balance in the grant account of the RESP immediately before the withdrawal,
      B
      is the balance of the total assisted contributions in the RESP immediately before the withdrawal, and
      C
      is the amount of assisted contributions withdrawn, and
    • (b) the balance in the grant account of the RESP immediately before the withdrawal.

  • (2) A trustee under an RESP is not required to repay any amount of a CES grant paid in respect of a beneficiary if there is a withdrawal of contributions and the withdrawal is all or part of an excess amount of contributions to reduce the amount of tax payable under Part X.4 of the Income Tax Act, and, at the time of the withdrawal, the excess amount for the year is not greater than $4,000.

  • (3) A trustee under an RESP shall repay to the Minister, within the period set out in the trustee agreement that applies to the RESP, an amount referred to in subsection (4), if

    • (a) the RESP is terminated;

    • (b) the registration of the RESP is revoked;

    • (c) a payment described in paragraph (b) or (d) of the definition trust in subsection 146.1(1) of the Income Tax Act is made under the RESP;

    • (d) an EAP is made under the RESP to an individual who is not a beneficiary under the RESP;

    • (e) property is transferred from the RESP to another RESP except where the transfer is an eligible transfer; or

    • (f) an individual becomes a beneficiary under the RESP in place of another beneficiary, except where paragraph 204.9(4)(b) of the Income Tax Act applies in respect of the replacement.

  • (4) The amount that must be repaid as the result of an occurrence of an event described in subsection (3) is the lesser of

    • (a) the total of the balance in the grant account and all of the CLB accounts of the RESP immediately before the time of the occurrence, and

    • (b) the fair market value, immediately before the time of the occurrence, of the property held in connection with the RESP.

  • (5) If an amount has been paid into an RESP under subsection 5(4) of the Act and an individual, who is not a brother or sister of all of the other beneficiaries under the RESP, becomes a beneficiary under the RESP, the trustee shall repay to the Minister, within the period set out in the trustee agreement that applies to the RESP, the lesser of

    • (a) the balance of the grant account of the RESP immediately before the individual becomes a beneficiary, and

    • (b) the fair market value of the property held in connection with the RESP immediately before the individual becomes a beneficiary.

  • (6) If a beneficiary in respect of whom a CLB was paid into an RESP ceases to be a beneficiary under the RESP, the trustee shall repay to the Minister, within the period set out in the trustee agreement that applies to the RESP, the lesser of

    • (a) the balance of the beneficiary’s CLB account immediately before the beneficiary ceases to be a beneficiary, and

    • (b) the fair market value, immediately before the beneficiary ceases to be a beneficiary, of the property held in connection with the RESP less the total of the balances of the CLB accounts in the RESP for all other beneficiaries.

  • (7) If a CLB has been paid into an RESP and an individual, who is not a brother or sister of every other beneficiary under the RESP, becomes a beneficiary under the RESP, the trustee shall repay to the Minister, within the period set out in the trustee agreement that applies to the RESP the lesser of

    • (a) the total of the balances of the CLB accounts in the RESP immediately before the individual becomes a beneficiary, and

    • (b) the fair market value, immediately before the individual becomes a beneficiary, of the property held in connection with the RESP.

  • (8) If an amount of a CLB or CES grant is repaid to the Minister, the trustee shall debit that amount from the CLB account or grant account, as the case may be, at the time of the repayment.

  •  (1) A trustee of an RESP shall, within the period set out in the trustee agreement that applies to the RESP, repay to the Minister any portion of an amount paid as a CES grant or CLB to which the trustee was not entitled under the Act or these Regulations.

  • (2) A beneficiary of an RESP shall repay to the Minister any portion of an EAP attributable to a CES grant or CLB to which the beneficiary was not entitled under the Act or these Regulations.

 If the aggregate of all amounts that a beneficiary has received as an EAP that is attributable to CES grants exceeds $7,200, the beneficiary shall repay the excess to the Minister.

 Any amount of CLB repaid to the Minister under section 11 may be paid into an RESP in respect of the same beneficiary if the conditions of payment of a CLB are otherwise met.

Additional Payment

 For the purpose of subsection 6(5) of the Act, the Minister may pay $25 into the trust when the Minister pays the amount under paragraph 6(2)(a) of the Act.

Eligible Transfers

  •  (1) For the purpose of these Regulations, the transfer of an amount, other than an amount in a CLB account, from an RESP to another RESP is an eligible transfer

    • (a) if

      • (i) any beneficiary under the receiving RESP is, immediately before the transfer, a beneficiary under the transferring RESP, or

      • (ii) a parent of a beneficiary under the receiving RESP was a parent of an individual who was, immediately before the transfer, a beneficiary under the transferring RESP and

        • (A) the receiving RESP is an RESP that allows more than one beneficiary at any one time, or

        • (B) in any other case, the beneficiary under the receiving RESP had not attained 21 years of age at the time the receiving RESP was entered into;

    • (b) if, at the time of the transfer,

      • (i) the receiving RESP has only one beneficiary or, if there is more than one, every beneficiary is a brother or sister of every other beneficiary, or

      • (ii) no payments have been made into the transferring RESP under subsection 5(4) of the Act; and

    • (c) if the receiving RESP complies with the conditions for registration set out in subsection 146.1(2) of the Income Tax Act that apply in respect of education savings plans entered into on January 1, 1999.

  • (2) If less than all of the property, other than the property in a CLB account, held in connection with an RESP is transferred to another RESP, the assisted contributions, unassisted contributions, CES grants, any amount paid under a designated provincial program and accumulated income are considered to be transferred in the same proportion as the value of the property transferred is to the total value of the property, other than the value of the property in a CLB account, in the RESP at the time of the transfer.

  • (3) If property held in connection with an RESP, other than the property in a CLB account, is transferred to another RESP, the amount of CES grant that is transferred or considered to be transferred under subsection (2) is, at the time of the transfer,

    • (a) debited from the grant account of the transferring RESP; and

    • (b) credited to the grant account of the receiving RESP.

  • (4) The amount of the CES grant that is transferred or is considered to be transferred under subsection (2) is considered to have been paid to the trustee under the receiving RESP.

  • (5) The assisted contributions or unassisted contributions that are transferred or are considered to be transferred under subsection (2) are considered to have been made to the receiving RESP.

  • 2010, c. 12, s. 33
  • 2011, c. 24, s. 102
  •  (1) The transfer of an amount in a CLB account of an RESP to the CLB account of another RESP is an eligible transfer if

    • (a) both CLB accounts are in respect of the same beneficiary;

    • (b) the receiving RESP complies with the conditions for registration set out in subsection 146.1(2) of the Income Tax Act that apply in respect of education savings plans entered into on January 1, 1999; and

    • (c) at the time of the transfer, the receiving RESP has only one beneficiary or, where there is more than one, every beneficiary is a brother or sister of every other beneficiary.

  • (2) If an amount held in connection with a CLB account is transferred to another RESP, the amount that has been transferred is, at the time of the transfer,

    • (a) debited from the CLB account of the transferring RESP; and

    • (b) credited to the CLB account of the receiving RESP.

  • (3) The amount of a CLB that is transferred from an RESP is considered to have been paid to the trustee under the receiving RESP.

  • SOR/2018-275, s. 7(F)

Sharing

  •  (1) CES grants and the earnings generated on them may only be shared among the beneficiaries of the RESP.

  • (2) A CLB shall not be shared among beneficiaries of the RESP. However, the earnings generated on a CLB may be shared among the beneficiaries of the RESP.

Repeal

 [Repeal]

Coming into Force

Footnote * These Regulations come into force on the day on which section 13 of the Act comes into force.

RELATED PROVISIONS

  • — 2010, c. 12, s. 32(3)

      • 32 (3) Subsections (1) and (2) apply to the 2007 and subsequent years.

  • — 2010, c. 12, s. 33(2)

      • 33 (2) Subsection (1) applies to the 2007 and subsequent years.

  • — 2011, c. 24, s. 102(2)

      • 102 (2) Subsection (1) applies in respect of property transferred after 2010.

AMENDMENTS NOT IN FORCE

  • — SOR/2018-275, s. 2(1)

      • 2 (1) The portion of subsection 4(1) of the Regulations before paragraph (a) is replaced by the following:

          • 4 (1) The Minister may pay a CES grant in respect of a contribution that has been made to an RESP and has not been withdrawn if

  • — SOR/2018-275, s. 4

    • 4 Subsections 10(1) and (2) of the Regulations are replaced by the following:

        • 10 (1) Subject to subsection (3), the portion of an EAP made to a beneficiary under an RESP that is attributable to a CLB is the amount determined by the formula

          A × B/C

          where:

          A
          is the amount of the EAP,
          B
          is the balance in the beneficiary’s CLB account immediately before the payment of the EAP, and
          C
          is the total amount available to the beneficiary for an EAP.
        • (2) Subject to subsections (3) and (4), the portion of an EAP made to a beneficiary under an RESP that is attributable to CES grants is the lesser of

          • (a) the amount determined by the formula

            A × D/C

            where

            A
            is the amount of the EAP,
            D
            is the balance in the grant account of the RESP immediately before the payment of the EAP, and
            C
            is the total amount available to the beneficiary for an EAP, and
          • (b) the amount by which $7,200 is greater than the aggregate of all amounts determined under this subsection in respect of an EAP previously made by the promoter to the beneficiary.

        • (2.1) The portion of an EAP made to a beneficiary under an RESP that is attributable to accumulated income is the amount determined by the formula

          A × E/C

          where

          A
          is the amount of the EAP,
          E
          is the amount of the accumulated income in the RESP immediately before the payment of the EAP, and
          C
          is the total amount available to the beneficiary for an EAP.
        • (2.2) For the purposes of subsections (1) to (2.1), the total amount available to the beneficiary for the EAP is the sum of

          • (a) the accumulated income,

          • (b) the amounts in the RESP paid by a designated provincial program and eligible to be paid in the EAP under the laws applicable to the designated provincial program,

          • (c) if the beneficiary is resident in Canada at the time the EAP is made, the balance in the beneficiary’s CLB account, and

          • (d) if the aggregate of all amounts determined under subsection (2) in respect of an EAP previously made by the promoter to the beneficiary is less than $7,200 and, if the beneficiary is resident in Canada at the time the EAP is made, the balance in the grant account of the RESP.

  • — SOR/2018-275, s. 5

    • 5 Paragraph 11(4)(b) of the Regulations is replaced by the following:

      • (b) the amount determined by the formula

        (C × Y)/(Y + G)

        where

        C
        is the fair market value of the property held in the RESP, determined immediately before the time of the occurrence,
        Y
        is the total balance in the grant account and all of the CLB accounts of the RESP immediately before the time of the occurrence, and
        G
        is the total balance in the RESP immediately before the time of the occurrence, of the amounts that were paid into the RESP under a designated provincial program.
  • — SOR/2018-275, s. 6

    • 6 Subsection 16(2) of the Regulations is replaced by the following:

      • (2) If less than all of the property, other than the property in a CLB account or any amount paid under a designated provincial program, held in connection with an RESP is transferred to another RESP, the assisted contributions, unassisted contributions, CES grants and accumulated income are considered to be transferred in the same proportion of their total balances as the value of the property transferred is to the total value of the property, other than the value of the property in a CLB account or any amount paid under a designated provincial program, in the RESP at the time of the transfer.

Date modified: