Greetings,
I have recently opened a Family Plan RESP A/C (no money deposited yet).
My kids are 5 and 3.
No RESP done for them so far.
My question - is it possible to make up lost CESG grant from previous years (4 yrs. and 2 yrs. "lost" respectively).
Max grant per year is $500 on a contribution of $2,500.
I have received two different answers.
One answer is that if I contribute $5,000 per child every year from now onwards, I will receive $1,000 grant per child i.e. $500 for this year + $500 for previous year.
That way, the missed grants will be made up in 4 years for one child and 2 years for second child.
The other answer I got is that since the account has been opened this year, there is no way to recover lost grants.
Had the account been opened as soon as the kids were born but no contributions made, then the grants could have been recovered.
Can anyone shed any light?
-Harold
