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What are the minimum and maximum contribution amounts for an RESP?

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Minimum: To open a Simplii Financial RESP, you can either contribute $25 a month or $500 as a lump sum.

Maximum: The lifetime RESP contribution limit is $50,000 per child. There’s no annual maximum contribution limit. There may be restrictions based on the plan type and the beneficiary’s age.

† Simplii Financial personal banking services are provided by the direct banking division of CIBC. Banking services not available in Quebec.
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