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How to transfer money between RESP accounts for Tax purpose?

lhq2000(阿伟)
Hi,
I have one RESP family account with one beneficiary (my older son born in 2001), another individual RESP with one beneficiary( my 2nd son born in 2010). Because they have 10 years difference, I opened two separate RESP accounts in stead of adding my 2nd kids to the first RESP family account. Assume I have big capital gain in my first RESP account more than 200,000(of course not for my case) when my older son goes to university, and if he withdraws 50,000 each years, he has to pay 20% tax or more. My question is: is it possible to transfer some money to my 2nd son or RESP account to save tax since I have to continue to contribute money to my 2nd RESP account? Thanks.
(#13415398@0)
Last Updated: 2020-12-31
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Replies, comments and Discussions:

  • 枫下家园 / 钱财税务 / How to transfer money between RESP accounts for Tax purpose? -lhq2000(阿伟); 2020-12-31 {679} (#13415398@0)
    Hi,
    I have one RESP family account with one beneficiary (my older son born in 2001), another individual RESP with one beneficiary( my 2nd son born in 2010). Because they have 10 years difference, I opened two separate RESP accounts in stead of adding my 2nd kids to the first RESP family account. Assume I have big capital gain in my first RESP account more than 200,000(of course not for my case) when my older son goes to university, and if he withdraws 50,000 each years, he has to pay 20% tax or more. My question is: is it possible to transfer some money to my 2nd son or RESP account to save tax since I have to continue to contribute money to my 2nd RESP account? Thanks.
    • I think you have to merge 2 account to family account, then you can use the money as you wish. -youcanyouup(俺也行); 2021-1-1 (#13417177@0)
      • You can still contribute to 2nd son only, but you have to call them, otherwise they 50/50 split, at least in my CIBC bank -youcanyouup(俺也行); 2021-1-1 (#13417184@0)
      • I found the reference here. -lhq2000(阿伟); 2021-1-1 {463} (#13417326@0)
        The transfer is proportionate. The transfer amount including Assisted contributions, Unassisted contributions,CESG (Basic and Additional),CLB, and Earnings. So the transfer will affect the total CESG amount room($7200 - transfered CESG - granted CESG).
        And it seems there is no additional CESG to receive for the transferred contributions/earning. If so, it is better to withdraw from 1st RESP, then contribute to the 2nd one and get CESG(but having to pay tax).
        • 我的第一个账户时Family账户（大儿子ONLY），已停止供款并开始取钱。第二个账户是Individual账户（小儿子ONLY），还有10年公款。 -lhq2000(阿伟); 2021-1-1 {629} (#13417360@0)
          原打算从第一个账户转部分到第二个账户，不但可以延税到小儿子，还可以收到CESG grant。读了CRA的资料，发现可能不行。因为：

          transfer is proportionate. the transfer amount including Assisted contributions, Unassisted contributions,CESG (Basic and Additional),CLB, and Earnings.
          So the transfer will affect the total CESG amount room($7200 - transfered CESG - granted CESG). And it seems there is no additional CESG to receive for the transferred contributions/earning. If so, it is better to withdraw from 1st RESP, then contribute to the 2nd one and get CESG(but having to pay tax) OR just adding the little son to the family plan.
    • 读了CRA的GUIDE之后，发现RESP账户背后有详细的subledger分别计入，Assisted contributions, Unassisted contributions,CESG (Basic and Additional),CLB, and Earnings.问题是，如果是family账户，取款时怎么在受益人之间分配Earnings 部分呢？ -lhq2000(阿伟); 2021-1-1 (#13417370@0)

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