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RESP Grant Calculations (Ontario)

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  • Jun 27th, 2018 11:07 am
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[OP]
Member
Jun 16, 2006
258 posts
2 upvotes
Toronto

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
Deal Addict
User avatar
Apr 23, 2009
1783 posts
776 upvotes
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
Deal Fanatic
Oct 1, 2004
6651 posts
993 upvotes
GTA
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.
Deal Addict
Feb 22, 2007
2033 posts
271 upvotes
Mississauga
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
Deal Addict
Feb 22, 2007
2033 posts
271 upvotes
Mississauga
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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