RESP Lifetime Limit definition

RESP Lifetime Limit means the lifetime limit for Contributions to all registered education savings plans in respect of a person designated as a beneficiary under such plans pursuant to subsection 204.9(1) of the Tax Act;

RESP Lifetime Limit means the maximum amount of total contributions that can be made to an RESP for a Beneficiary as set out in subsection 204.9(1) of the Income Tax Act (Canada).

RESP Lifetime Limit means $50,000 or any other amount set out in the Tax Laws;

Examples of RESP Lifetime Limit in a sentence

• Each Subscriber acknowledges that any failure to abide by the RESP Lifetime Limit will give rise to penalties and/or taxes as provided in the Applicable Legislation, and each Subscriber agrees he/she is solely responsible for the payment of such penalties and/or taxes and for the completion of all resulting required tax reporting.

• Each Subscriber agrees that he/she is responsible for ensuring that the total of all contributions made in respect of the Beneficiary, other than contributions made to the Plan by way of transfer from other registered education savings plans, will not exceed the RESP Lifetime Limit imposed by the Applicable Legislation from time to time.

• Each Subscriber acknowledges that any failure to abide by the RESP Lifetime Limit will give rise to penalties and/or taxes as provided in the Applicable Legislation, and each Subscriber agrees that he/she is solely responsible for the payment of such penalties and/or taxes and for the completion of all resulting required tax reporting.

• Each Subscriber agrees that he/she is responsible for ensuring that the total of all contributions made in respect of the Beneficiary (including a replacement beneficiary who inherits the “contribution history” of the replaced beneficiary), other than contributions made to the Plan by way of transfer from other registered education savings plans, will not exceed the RESP Lifetime Limit imposed by the Applicable Legislation from time to time.

• Each Subscriber acknowledges that any failure to abide by RESP Lifetime Limit will give rise to penalties and/or taxes as provided in the Applicable Legislation, and each Subscriber agrees that he/she is solely responsible for the payment of such penalties and/or taxes and for the completion of all resulting required tax reporting.

More Definitions of RESP Lifetime Limit

RESP Lifetime Limit means the “RESP lifetime limit” as defined in the Applicable Tax Legislation.

RESP Lifetime Limit means $50,000 for each Beneficiary or any other amount set out in the Tax Laws;

RESP Lifetime Limit. ’ for a year means,

RESP Lifetime Limit means the lifetime limit for Contributions to all RESPs in respect of a person designated as a beneficiary under such plans pursuant to subsection 204.9(1) of the Tax Act;

RESP Lifetime Limit means the maximum amount of total contributions permitted to be made to an RESP in respect of the Beneficiary as provided by subsection 204.9(1) of the Income Tax Act (Canada), as amended from time to time.

RESP Lifetime Limit. ’ for a year means, (a) for 1990 to 1995, $31,500; and

RESP Lifetime Limit means the“RESP lifetime limit” as defined in the Applicable Tax Legislation.