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ANNEX D APPLICATION: British Columbia Training and Education Savings Grant (BYTES) APPLICATION: Basic and Additional Canada Education Savings Grant (CSG) and Canada Learning Bond (CLB) This annex.

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An RESP is the equivalent of a U.S. 529 plan. It allows savings for college to grow tax-free until the money is withdrawn, at which time taxes on withdrawals tend to be low or nonexistent because students typically have little to no income.

If you use RESP funds for non-educational purposes when leaving Canada, you may face taxation on the accumulated income, and government grants may need to be repaid. Is there a time limit for using RESP funds after leaving Canada? There is no specific time limit for using RESP funds after leaving Canada.

Here is an overview of how an RESP generally works. A subscriber enters into an RESP contract with the promoter and names one or more beneficiaries under the plan. The subscriber makes contributions to the RESP. Government grants (if applicable) will be paid to the RESP.

Under the contract, the subscriber names one or more beneficiaries (the future student(s)) and agrees to make contributions for them, and the promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries. Family plans are the only RESP that allow subscribers to name more than one beneficiary.

What happens to the RESP if my child decides to study outside of Canada? RESPs can be used to cover education outside Canada, so your child will have the flexibility to decide where and what they want to study. However, not all foreign education expenses may be covered by EAPs.

The Registered Education Savings Plan (RESP) is a long-term savings plan to help people save for a child's education after high school, including trade schools, CEGEPs, colleges, universities, and apprenticeship programs. An adult can also open an RESP for themselves.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232