RESP QUESTION
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Thread: RESP QUESTION

  1. #1
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    RESP QUESTION

    I make monthly contributions to RESP which are invested into the mutual funds and I get grants on those monthly contributions. Last month I contributed few hundred dollars into RESP savings for each of the child instead of Mutual funds and didn't get any grants on these contributions.Can anybody explain me what I did wrong or if i need to call then do I call CRA?


  2. #2
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    Quote Originally Posted by Sharon2000 View Post
    I make monthly contributions to RESP which are invested into the mutual funds and I get grants on those monthly contributions. Last month I contributed few hundred dollars into RESP savings for each of the child instead of Mutual funds and didn't get any grants on these contributions.Can anybody explain me what I did wrong or if i need to call then do I call CRA?
    You made the contribution last month - as in December?
    It's possible you maxed out your grants for the year.

    What was the total amount of new money you deposited into the account in 2016? How much of that did you deposit in December?
    Couch potato journey-Hidden Content .
    Child's RESP-Hidden Content .

  3. #3
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    Quote Originally Posted by BoringInvestor View Post
    You made the contribution last month - as in December?
    It's possible you maxed out your grants for the year.

    What was the total amount of new money you deposited into the account in 2016? How much of that did you deposit in December?
    if not the above, then grants come at the end of next month. so if you contributed after a certain date in one month, grants will only come end of next month. i know this for certain for other months, should be the same for Dec as well even though its the last month of the financial year.

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  5. #4
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    Well yes it was in Dec and it is a family plan . I think $2500 for each child is the max for a year and i never go over that . I do 100$ for each child every month so which is only $1200 a year . In dec i did $1000 in total .

  6. #5
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    Assuming your CESG paperwork was submitted correctly (and you'll know it is if you've ever gotten a CESG payment before) then I'd say odds are you just need to wait until the end of the month. Wait until February before calling the CRA if you still haven't seen the money in your account.

  7. #6
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    ^^^^^^^^^^^

  8. #7
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    How old are your children? They are not eligible for CESG after the year they turn 17.

  9. #8
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    Quote Originally Posted by Jerm View Post
    Assuming your CESG paperwork was submitted correctly (and you'll know it is if you've ever gotten a CESG payment before) then I'd say odds are you just need to wait until the end of the month. Wait until February before calling the CRA if you still haven't seen the money in your account.
    I do get CESG payments but just didnt get on this lump sum contribution I made in Dec

  10. #9
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    Quote Originally Posted by OptsyEagle View Post
    How old are your children? They are not eligible for CESG after the year they turn 17.
    15 ,12,11 . Yes I am aware of that

  11. #10
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    Quote Originally Posted by Sharon2000 View Post
    15 ,12,11 . Yes I am aware of that
    Be careful with family RESP plans. When the oldest is 18, if you want to put money into the other plans only, to get the grant, the administrator will still divide the contributions by 3 and apply for the grant. In other words if you were putting $300 per month into the plan when your oldest is 18, the grant on that will only be $40, not $60, even if the other two has not maximized their own grant eligibility. You might be able to correct this by contacting the plan administrator, but you would have to actually do that and it won't happen. It does not happen automatically.

    Last edited by OptsyEagle; 2017-01-14 at 09:33 AM.

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