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2023 is just around the corner: It's time to maximize RESP grants for 17-year-olds!

Did you know that RESP beneficiaries born in 2005 will no longer be eligible to receive RESP grants from January 1, 2023? Act now, before it’s too late!

Maximize grants

In short, grants of at least 20% are applied to all eligible RESP contributions (maximum $2,500 per year), up to December 31 of the year the beneficiary turns 17.

Do you have clients with RESP beneficiaries born in 2005, who haven’t been maximising their RESP contributions in the current or previous years?

💡 Encourage them to contact the Canada Education Savings Program at 1-888-276-3624 to find out exactly how much more can be contributed to their RESP before the end of the year, in order to maximise their grants!

Give the gift of higher education this Christmas!

For the kids that already have everything, why not suggest that your clients open an RESP for their nieces, nephews or grandchildren this Christmas? It will motivate them to pursue post-secondary education with less of a financial burden.

Remember: Deposit allocation on family plans

Do you have clients with a family plan and a beneficiary born in 2005?

💡 Suggest that these clients change the allocation of deposits between beneficiaries before their first contribution of 2023, otherwise grants will not be paid on the full contribution amount.

Deposits made with an incorrect allocation cannot be corrected at a later date.

Resources

• Advisor Centre - Download your in-force RESP contracts today (from My Clients page)
  
• F51-184A-2 - Change the deposit allocation between beneficiaries (see bottom of page 2)
  
• F13-911A - RESP grants
  
• ia.ca/SellRESP - RESP advisor resources portal
  

• Customer service: savings@ia.ca or 1-844-442-4262
• Canada Education Savings Program (for clients) 1-888-276-3624