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- There are no restrictions on the amount of money you can bring into or take out of Canada, and it is not illegal to do so, as long as you declare it. This applies to all travellers, couriers and to people carrying money on behalf of someone else.
www.cbsa-asfc.gc.ca/travel-voyage/ttd-vdd-eng.htmlTravelling with CAD&10,000 or more? Sending it by mail or ...
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Whether you are leaving or entering Canada, you must declare any currency (cash) or monetary instruments valued at CAD$10,000 or more that you are carrying. This amount includes Canadian or foreign currency or a combination of both. Monetary instruments include, but are not limited to: stocks. bonds. traveller's cheques.
- Automated Border Clearance
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- Automated Border Clearance
The Student Aid Estimator shows the amount of federal student aid you could receive from the Canada Student Financial Assistance Program. The actual grant and loan amounts are determined once you apply through your provincial student aid office.
Aug 24, 2023 · A study conducted by Maclean’s in 2018 found that a university education in Canada costs $19,498 per year on average. And college tuition rates aren’t far behind, depending on what you...
Jul 11, 2018 · How much cash can you take out of Canada? Canada doesn’t have any rules about how much cash you can take out of the country, though you’ll still have to make a customs declaration if you’re carrying more than C$10,000 (or the foreign currency equivalent) in cash.
- Overview
- On this page
- Taking money out of an RESP
- How to use the RESP to pay for education
- Amount of money that can be withdrawn
- Track the CESG amounts you use for education
- If you don’t use the RESP for education
- Definitions
Pay for education using the Registered Education Savings Plan
•Taking money out of an RESP
•How to use the RESP to pay for education
•1. See if the school is eligible
•2. Request money on behalf of the beneficiary
•3. Provide required documentation
•Amount that can be withdrawn
Money in a Registered Education Savings Plan (RESP) can come from many sources:
•contributions from the subscriber and/or others
•benefits received, like the Canada Learning Bond (CLB), Canada Education Savings Grant (CESG), and/or provincial benefits
•interest accumulated on the money in the RESP
Because of these different sources of money in an RESP, there are different ways to withdraw.
Educational Assistance Payments (EAPs) include money from benefits and accumulated interest. EAPs are considered income for the beneficiary and are taxed when taken from the RESP. However, beneficiaries may not have much income during their studies, so it is possible that the beneficiary pays little to no tax when receiving an EAP.
You can use the money in the RESP to pay for education right away or keep it for future education. To take money out of the RESP to pay for education, the subscriber asks the RESP promoter for an EAP. The beneficiary can use the EAP money to pay for expenses like tuition, books, tools, transportation, and rent.
To receive an EAP and pay for education:
•the beneficiary must enrol in full- or part-time studies at an eligible school (in Canada or abroad). Programs must meet the minimum weeks of study and hours per week to be eligible
•the subscriber must request the EAP from the RESP promoter
•Full-time program
If the beneficiary is enrolled in full‑time post‑secondary studies, EAPs are limited to $8,000 during the first‑13‑consecutive weeks of enrollment.
After that, you may request any available amount with no limit unless the beneficiary takes a break from their studies and does not re-enroll in a qualifying educational program for 12 months. If that happens, the original limit is reinstated.
For both full- and part-time studies, the beneficiary is also eligible to receive payments for up to 6 months after the end of their enrollment in a qualifying program (provided the provisions of the RESP allow this benefit). This is only possible if the expenses would have qualified for EAPs if they had been paid immediately before the beneficiary's enrollment stopped.
•Part-time program
If the beneficiary is enrolled in part-time studies, EAPs are limited to $4,000 for every 13-week period of enrollment.
When a beneficiary receives an EAP, they will also receive a notice detailing the amount of the CESG in the payment received. The beneficiary cannot receive more than $7,200 from the CESG in their lifetime. It is their responsibility to keep track of the CESG amount received; beneficiaries must repay any amount over the $7,200 limit.
You have 4 choices:
•keep the RESP open and leave the money in it for future studies
•replace the beneficiary
•transfer the money to other registered savings plans
•close the RESP
Consult Managing your RESP, taxes, and transfers for more information.
"Promoter" definition
The promoter is the financial organization where you open the RESP. The promoter administers all amounts contributed into the RESP and releases money from the RESP to the beneficiary when it is needed for eligible expenses for education after high school.
"Subscriber" definition
The subscriber is the person who opens the RESP with a promoter. Anyone can be a subscriber and open an RESP for a child. This includes parents, guardians, grandparents, other relatives, and friends. The subscriber can also choose to make contributions. Contributions to the RESP are not needed to receive the CLB, but are needed to receive the CESG.
"Beneficiary" definition
The beneficiary is the person (usually a child) who will get money from the RESP to pay for their education after high school, as long as the school and program are eligible. The beneficiary can be a child or an adult The beneficiary can be the same person as the subscriber, if an adult opens an RESP for themselves Depending on the plan type, there can be more than one beneficiary for each RESP
Funds can be withdrawn from an RESP to help pay for any education-related costs associated with full-time or part-time enrollment in qualifying post-secondary educational institutions. This includes programs offered by universities, community colleges, trade schools, vocational schools, technical schools, religious schools, CEGEPs, as well as ...
Aug 31, 2021 · After this time, any amount can be withdrawn from the RESP. If the individual is in part-time education, payment limited to $2,500 in the first 13 weeks. However, if the educational costs exceed the $5,000 limit, you can apply to receive more money.
