As per the RESP rules, the upper limit is a certain percentage of previous year's income. Since new immigrants don't have any income in the previous year, does that mean that they cannot contribute to RESP in their first year?
My employer has some matching contribution... and I am sad to let the free money go, if this is the case.
Location: Western Hemisphere
Posted on: 27-06-10 11:41:05
Do you mean RRSP? Because RESP has a lifetime limit of 50K and you can contribute all 50k now or in pieces. RESP has no employer contribution.
RRSP is based on previous years earned income and if you don't have that, no you cannot contribute.
RESP - Registered Education Savings plan for your children
RRSP - Registered Retirement Savings Plan
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Dimple2001
Oh yes, RRSP is what I meant.
