Canada Education Savings Regulations (SOR/2005-151)

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

Repayments (continued)

  •  (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.

 
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