topic Are contributions to a Registered Education Savings Plan (RESP), tax-deductible? in Other tax topics https://turbotax.community.intuit.ca/community/tax-topics/help/are-contributions-to-an-resp-registered-education-savings-plan-tax-deductible/01/873540#M409 <P>RESPs do not work the same way that RRSPs do, as RESP contributions <EM><STRONG>can not</STRONG></EM> be deducted on your tax return. However, there are other government incentives associated with RESPs that you may be able to claim.</P> <P>A few of the more common examples of this are below, along with detailed information on the amounts you can expect to claim (if eligible).</P> <P>For more information about RESPs and the incentive programs listed above, you can visit the <A href="https://www.cra-arc.gc.ca/tx/ndvdls/tpcs/resp-reee/menu-eng.html" target="_blank" rel="nofollow">CRA website</A>&nbsp;or view the CRA publication <A href="https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4092.html" target="_blank" rel="nofollow">RC4092 Registered Education Savings Plans (RESPs)</A>.</P> <H3> <A data-toggle="collapse" href="#collapse1" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Canada Education Savings Grant (CESG)&nbsp;</A></H3> <DIV id="collapse1" class="section collapse"> <P>If you contribute to an RESP annually, you could be eligible for the Canada Education Savings Grant. With this grant, Employment and Social Development Canada adds the equivalent of <STRONG>20% of your annual RESP contributions</STRONG> <STRONG>to the RESP, up to a maximum CESG of $500 (or $1,000 if there is unused grant room from previous years), with a lifetime maximum of $7,200.</STRONG></P> </DIV> <H3> <A data-toggle="collapse" href="#collapse2" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Canada Learning Bond (CLB)</A></H3> <DIV id="collapse2" class="section collapse"> <P>Even if you don’t contribute to an RESP, an eligible child <EM><STRONG>can</STRONG></EM> qualify for the CLB. If a child is eligible, the Government of Canada contributes u<STRONG>p to $2,000 to their RESP (an initial $500 followed by $100 each year the child is eligible, up until the calendar year they turn 15), as well as $25 to cover the costs of opening the plan.</STRONG> This bond is for children who were born <SPAN style="text-decoration: underline;">on or after January 1, 2004</SPAN>, and who come from low-income families.</P> </DIV> <H2>Related Information:</H2> <P> <A class="sc-ifAKCX fDMNjt t4i-sh-ids-link-overrides-1N3yX" href="https://turbotax.community.intuit.ca/community/family-education/help/can-i-claim-both-federal-and-provincial-tuition-and-education-amounts/00/873505" target="_blank" rel="nofollow">Can I claim both federal and provincial tuition and education amounts?</A></P> <P> <A class="sc-ifAKCX fDMNjt t4i-sh-ids-link-overrides-1N3yX" href="https://turbotax.intuit.ca/tips/claiming-tuition-and-other-educational-expenses-5578" target="_blank" rel="nofollow">Claiming Tuition and Other Educational Expenses</A></P> <P> <A class="sc-ifAKCX fDMNjt t4i-sh-ids-link-overrides-1N3yX" href="https://turbotax.community.intuit.ca/community/family-education/help/how-do-i-claim-my-tuition-fees/00/873598" target="_blank" rel="nofollow">How do I claim my tuition fees?</A></P> <P> <A class="sc-ifAKCX fDMNjt t4i-sh-ids-link-overrides-1N3yX" href="https://turbotax.community.intuit.ca/questions/INF15084?legacy=true" target="_blank" rel="nofollow">Frequently asked questions about transferring tuition and education amounts</A></P> Wed, 11 Nov 2020 06:09:46 GMT TurboTax Support 2020-11-11T06:09:46Z Are contributions to a Registered Education Savings Plan (RESP), tax-deductible? https://turbotax.community.intuit.ca/community/tax-topics/help/are-contributions-to-an-resp-registered-education-savings-plan-tax-deductible/01/873540#M409 RESPs do not work the same way that RRSPs do, as RESP contributions can not be deducted on your tax return. However, there are other government incentives associated with RESPs that you may be able to claim. A few of the more common examples of this are below, along with detailed information on the amounts you can expect to claim (if eligible). For more information about RESPs and the incentive programs listed above, you can visit the CRA website&nbsp;or view the CRA publication RC4092 Registered Education Savings Plans (RESPs). Canada Education Savings Grant (CESG)&nbsp; If you contribute to an RESP annually, you could be eligible for the Canada Education Savings Grant. With this grant, Employment and Social Development Canada adds the equivalent of 20% of your annual RESP contributions to the RESP, up to a maximum CESG of $500 (or $1,000 if there is unused grant room from previous years), with a lifetime maximum of $7,200. Canada Learning Bond (CLB) Even if you don’t contribute to an RESP, an eligible child can qualify for the CLB. If a child is eligible, the Government of Canada contributes up to $2,000 to their RESP (an initial $500 followed by $100 each year the child is eligible, up until the calendar year they turn 15), as well as $25 to cover the costs of opening the plan. This ... Wed, 11 Nov 2020 06:09:46 GMT https://turbotax.community.intuit.ca/community/tax-topics/help/are-contributions-to-an-resp-registered-education-savings-plan-tax-deductible/01/873540#M409 TurboTax Support 2020-11-11T06:09:46Z
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topic Are contributions to a Registered Education Savings Plan (RESP), tax-deductible? in Other tax topics
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https://turbotax.community.intuit.ca/community/tax-topics/help/are-contributions-to-an-resp-registered-education-savings-plan-tax-deductible/01/873540#M409
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<P>RESPs do not work the same way that RRSPs do, as RESP contributions <EM><STRONG>can not</STRONG></EM> be deducted on your tax return. However, there are other government incentives associated with RESPs that you may be able to claim.</P> <P>A few of the more common examples of this are below, along with detailed information on the amounts you can expect to claim (if eligible).</P> <P>For more information about RESPs and the incentive programs listed above, you can visit the <A href="https://www.cra-arc.gc.ca/tx/ndvdls/tpcs/resp-reee/menu-eng.html" target="_blank" rel="nofollow">CRA website</A>&nbsp;or view the CRA publication <A href="https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4092.html" target="_blank" rel="nofollow">RC4092 Registered Education Savings Plans (RESPs)</A>.</P> <H3> <A data-toggle="collapse" href="#collapse1" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Canada Education Savings Grant (CESG)&nbsp;</A></H3> <DIV id="collapse1" class="section collapse"> <P>If you contribute to an RESP annually, you could be eligible for the Canada Education Savings Grant. With this grant, Employment and Social Development Canada adds the equivalent of <STRONG>20% of your annual RESP contributions</STRONG> <STRONG>to the RESP, up to a maximum CESG of $500 (or $1,000 if there is unused grant room from previous years), with a lifetime maximum of $7,200.</STRONG></P> </DIV> <H3> <A data-toggle="collapse" href="#collapse2" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Canada Learning Bond (CLB)</A></H3> <DIV id="collapse2" class="section collapse"> <P>Even if you don’t contribute to an RESP, an eligible child <EM><STRONG>can</STRONG></EM> qualify for the CLB. If a child is eligible, the Government of Canada contributes u<STRONG>p to $2,000 to their RESP (an initial $500 followed by $100 each year the child is eligible, up until the calendar year they turn 15), as well as $25 to cover the costs of opening the plan.</STRONG> This bond is for children who were born <SPAN style="text-decoration: underline;">on or after January 1, 2004</SPAN>, and who come from low-income families.</P> </DIV> <H2>Related Information:</H2> <P> <A class="sc-ifAKCX fDMNjt t4i-sh-ids-link-overrides-1N3yX" href="https://turbotax.community.intuit.ca/community/family-education/help/can-i-claim-both-federal-and-provincial-tuition-and-education-amounts/00/873505" target="_blank" rel="nofollow">Can I claim both federal and provincial tuition and education amounts?</A></P> <P> <A class="sc-ifAKCX fDMNjt t4i-sh-ids-link-overrides-1N3yX" href="https://turbotax.intuit.ca/tips/claiming-tuition-and-other-educational-expenses-5578" target="_blank" rel="nofollow">Claiming Tuition and Other Educational Expenses</A></P> <P> <A class="sc-ifAKCX fDMNjt t4i-sh-ids-link-overrides-1N3yX" href="https://turbotax.community.intuit.ca/community/family-education/help/how-do-i-claim-my-tuition-fees/00/873598" target="_blank" rel="nofollow">How do I claim my tuition fees?</A></P> <P> <A class="sc-ifAKCX fDMNjt t4i-sh-ids-link-overrides-1N3yX" href="https://turbotax.community.intuit.ca/questions/INF15084?legacy=true" target="_blank" rel="nofollow">Frequently asked questions about transferring tuition and education amounts</A></P>
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Are contributions to a Registered Education Savings Plan (RESP), tax-deductible?
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RESPs do not work the same way that RRSPs do, as RESP contributions can not be deducted on your tax return. However, there are other government incentives associated with RESPs that you may be able to claim. A few of the more common examples of this are below, along with detailed information on the amounts you can expect to claim (if eligible). For more information about RESPs and the incentive programs listed above, you can visit the CRA website&nbsp;or view the CRA publication RC4092 Registered Education Savings Plans (RESPs). Canada Education Savings Grant (CESG)&nbsp; If you contribute to an RESP annually, you could be eligible for the Canada Education Savings Grant. With this grant, Employment and Social Development Canada adds the equivalent of 20% of your annual RESP contributions to the RESP, up to a maximum CESG of $500 (or $1,000 if there is unused grant room from previous years), with a lifetime maximum of $7,200. Canada Learning Bond (CLB) Even if you don’t contribute to an RESP, an eligible child can qualify for the CLB. If a child is eligible, the Government of Canada contributes up to $2,000 to their RESP (an initial $500 followed by $100 each year the child is eligible, up until the calendar year they turn 15), as well as $25 to cover the costs of opening the plan. This ...
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