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My child is 15 years old. Is there an age limit to open an RESP?

OUR ANSWER

It’s possible to open RESP and make contributions for a 15-year-old beneficiary. However, note that a child will only receive government grants until the end of the calendar year they turn 17. So, you have two years left to get as much grant money as you can.

Important: Contributions made to an RESP for a 16- or 17-year old beneficiary can attract government grants if:

  • a minimum of $2,000 was contributed to one or more RESPs on the beneficiary’s behalf before the end of the calendar year in which he or she turned 16 years old;

OR

  • a minimum annual contribution of $100 was made to the beneficiary’s RESP in any four years before the end of the calendar year in which he or she turned 16 years old.

Furthermore, these amounts must not have been withdrawn before the end of the year during which the beneficiary turned 15 years old.

If you still have questions, contact us to talk about it at 1 877 710-RESP (7377).

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Legal Notes

* Our lawyers insist that we mention the identities marked with an asterisk are fictitious and only serve to present the most frequently asked questions. We understand your concerns well, so we took the lead. The answers, for their part, are all very real.