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 $50,000 or any other amount set out in the Tax Laws;

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).

Examples of RESP Lifetime Limit in a sentence

• The Subscriber is solely responsible for ensuring that the total amount of contributions made in respect of the Beneficiary under the Plan and any other RESPs does not exceed the RESP Lifetime Limit.

• Should Contributions for a given Plan Beneficiary exceed the RESP Lifetime Limit, the Subscriber will be responsible for paying any income tax on the overpayments and for requesting a refund of the Contributions.

• The Subscriber is solely responsible for ensuring that the total amount of contributions made in respect of each Beneficiary under the Plan and any other RESPs does not exceed the RESP Lifetime Limit.

• 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.

• Contributions may be made to the Plan by or on behalf of each Subscriber in respect of the Beneficiary periodically or by way of a lump sum payment in money or other property (provided that the registered ownership of such property has been changed to reflect ownership by the Plan) subject to the RESP Lifetime Limit and such minimum limits as established by PFSL and subject to such other conditions as may be imposed by the Applicable Tax Legislation and, if applicable, by PFSL from time to time.

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 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. ’ 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 lifetimelimit for Contributionsto all registered education savings plans in respect of a person designated as a beneficiaryunder such plans pursuant to subsection 204.9(1) of the Tax Act;

RESP Lifetime Limit means the “RESP lifetime limit” as defined in the Applicable Laws;