Canada Education Savings Regulations (SOR/2005-151)

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

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  • 4 (1) The Minister may pay a CES grant in respect of a contribution that has been made to an RESP and has not been withdrawn if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

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