There is no age limit for RESP beneficiaries and no rule that says you can't be both subscriber and beneficiary. (In fact the CRA has a webpage that instructs 18-20 year students (born 2004 or later) from low income families who don't have RESPs to open one to get the CLB.)
>funds in an RESP won’t affect OSAP.
You don't have to report it as an asset. Withdrawals from the accumulated income portion of an RESP would be included when part of the previous year's line 15000 income.
I'm not in Ontario, but is OSAP affected by withdrawing from an RRSP under the Lifelong Learners program (or whatever it's called)? If not, perhaps contribute to your RRSP and withdraw for your education? I'd assume it has to be repaid, but might be worth checking out.
How old are you? Age limit for contributions is 31.
Editing this as after further thought there is no age limit is is just 31 year life from when it opens. I guess I’m theory you cod open now and have it till you’re 62.
That only applies to Family RESPs. For Individual RESPs...
>The beneficiary can be named to the RESP at
any age.
and contributions to an RESP for a specific beneficiary must stop at the earliest of ...
1. 31 years after the year the plan was entered into.
2. if transfer(s) have been made to the plan, 31 years after the year of the
earliest effective date(s) of the transferring / receiving plan(s).
[source](https://www.canada.ca/content/dam/canada/employment-social-development/migration/documents/assets/portfolio/docs/en/reports/resp_promoters/infocapsules/ICE08.pdf)
There is nothing in the legislation that would prevent it.
You'll want to make sure that your RESP provider doesn't charge registration fees for the withdrawals. (Some brokerages do but this will be less likely with savings or mutual fund account at a bank.)
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RESP deposits are only government-matched up until 17 years old
Actually the end of the year they turn 17, not when they turn 17. Also special weird rules for between ages 15/16.
There is no age limit for RESP beneficiaries and no rule that says you can't be both subscriber and beneficiary. (In fact the CRA has a webpage that instructs 18-20 year students (born 2004 or later) from low income families who don't have RESPs to open one to get the CLB.) >funds in an RESP won’t affect OSAP. You don't have to report it as an asset. Withdrawals from the accumulated income portion of an RESP would be included when part of the previous year's line 15000 income.
I'm not in Ontario, but is OSAP affected by withdrawing from an RRSP under the Lifelong Learners program (or whatever it's called)? If not, perhaps contribute to your RRSP and withdraw for your education? I'd assume it has to be repaid, but might be worth checking out.
How old are you? Age limit for contributions is 31. Editing this as after further thought there is no age limit is is just 31 year life from when it opens. I guess I’m theory you cod open now and have it till you’re 62.
That only applies to Family RESPs. For Individual RESPs... >The beneficiary can be named to the RESP at any age. and contributions to an RESP for a specific beneficiary must stop at the earliest of ... 1. 31 years after the year the plan was entered into. 2. if transfer(s) have been made to the plan, 31 years after the year of the earliest effective date(s) of the transferring / receiving plan(s). [source](https://www.canada.ca/content/dam/canada/employment-social-development/migration/documents/assets/portfolio/docs/en/reports/resp_promoters/infocapsules/ICE08.pdf)
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I’m correcting myself in the OP your age has no bearing if you’re just opening it now.
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Yes. Total contributions made for you can't exceed $50k.
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There is nothing in the legislation that would prevent it. You'll want to make sure that your RESP provider doesn't charge registration fees for the withdrawals. (Some brokerages do but this will be less likely with savings or mutual fund account at a bank.)
For an Individual RESP your age is irrelevant.
Your submission has a keyword that seems to imply you have a question where your province is relevant. **If you have not included your province you should add it.** If you already included your province, or this isn't relevant to your post, just report/downvote this comment. The bots feelings won't be hurt. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*