Page 71 - A Canuck's Guide to Financial Literacy 2020

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Tax on Over-Contributions

There is a lifetime limit of $50,000 of contribution per beneficiary. Contributing over this
amount may cause the subscribers to be liable to pay 1% per month on the over
contribution amount. If not withdrawn, it's payable within 90 days of the end of the year.

For more information visit Government of Canada's official website
at https://www.canada.ca/en/services/benefits/education/education-savings/resp.html