Are R.E.S.P. contributions tax deductible, and how much can I contribute?
Contributions to registered education savings plans (RESPs) are not deductible from the contributor’s income. Annual contribution limits and lifetime limits depend on the calendar year. The annual limit for 1997 and future years is $4,000. The lifetime limit for 1996 and future years is $42,000. These limits apply to each beneficiary, regardless of the number of plans for that particular beneficiary.
