RESP Grant Calculations (Ontario)

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Jun 27th, 2018 11:07 am

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Jun 23rd, 2018 8:07 pm

torrento [OP]: Member; Jun 16, 2006; 258 posts; 2 upvotes; Toronto

Jun 23rd, 2018 8:07 pm

RESP Grant Calculations (Ontario)

Year #1: Contributed $3500. Received $500 CESG (20% of $2500) + $100 additional CESG + $500 CLB.

Year #2: Contributed $1400. How much CESG / additional CESG / CLB will I get? Is it based on the $1400 of Year #2 or $2400 (= $1000 excess from Year #1 + $1400 from Year #2)?

Household Income <$25k

5 replies

Jun 24th, 2018 8:43 am

ruchir: Deal Addict; Apr 23, 2009; 1783 posts; 776 upvotes

Jun 24th, 2018 8:43 am

torrento wrote: ↑Year #1: Contributed $3500. Received $500 CESG (20% of $2500) + $100 additional CESG + $500 CLB.

Year #2: Contributed $1400. How much CESG / additional CESG / CLB will I get? Is it based on the $1400 of Year #2 or $2400 (= $1000 excess from Year #1 + $1400 from Year #2)?

Household Income <$25k

Call Service Canada service line with the SIN # of your kid (s). They will tell you exactly ho much you will receive. They have all the information of your RESP accounts with your bank/ broker.

When you call their general line, ask for RESP unit - they will transfer you.

Why do you want to climb Mt. Everest, Sir? - Because it is there.

— George Leigh Mallory

Jun 24th, 2018 9:17 am

greg123: Deal Fanatic; Oct 1, 2004; 6651 posts; 993 upvotes; GTA

Jun 24th, 2018 9:17 am

Assuming its one kid, your excess won't carryover for grant calculation. Though have known some families contribute the max 50K from day one and forfeit rest of the grants.

Jun 24th, 2018 4:15 pm

Cerenity: Deal Addict; Dec 11, 2007; 1890 posts; 482 upvotes; Markham

Jun 24th, 2018 4:15 pm

https://www.canada.ca/en/revenue-agency ... -cesg.html

should be pretty clear how much you get after reviewing the table, and no, no carry over.

Jun 27th, 2018 11:06 am

pardnme: Deal Addict; Feb 22, 2007; 2033 posts; 271 upvotes; Mississauga

Jun 27th, 2018 11:06 am

everybody is entitled to 20% of the first 2500...

so you would get $280

the other grants you got were because your income level is low enough to qualify for more grants - those I personally don't know anything about...but the $280 is guranteed on the $1400 you deposited

Jun 27th, 2018 11:07 am

pardnme: Deal Addict; Feb 22, 2007; 2033 posts; 271 upvotes; Mississauga

Jun 27th, 2018 11:07 am

the extra money you put in during year 1 does not get the grant...you would have been better off only putting in 2500 in year one...and then holding that $1000 and deposited it into year 2 with your 1400.

You lost out on 20% on 1000 = $200

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