Protected B

Individual Tax Return for RESP Excess Contributions

when completed
Note
Payments made to an RESP under the Canada Education Savings Act or any
designated provincial programs are not included when determining if the annual or
lifetime limits have been exceeded.

Use this form to calculate the amount that is subject to the 1% per-month tax on
registered education savings plan (RESP) excess contributions for 1990 and
future years.
As an RESP subscriber, you are responsible for determining whether other plans exist
for the same beneficiary. Each subscriber is liable for his or her share of tax on RESP
excess contributions and has to file this return and pay the tax within 90 days after the
end of the year in which the excess contributions exist.
For each year, complete a separate return for each beneficiary for whom you and other
subscribers made excess contributions to RESPs. Contributions made by you include
contributions made on your behalf.

Excess contributions to RESPs

An excess contribution exists for an RESP beneficiary when the total contributions made
by all subscribers to all RESPs for that beneficiary are more than the annual or lifetime
limit. As an RESP subscriber, you are liable for a 1% per-month tax on your share of the
RESP excess contributions at the end of each month for which the excess contributions
are not withdrawn. The annual and lifetime contributions limits are:
Periods
For years before 1990
For 1990 to 1995
For 1996
For 1997 to 2006
For 2007 and subsequent years

Annual limits
No limit
$1,500
$2,000
$4,000

Lifetime limits
No Limit
$31,500
$42,000
$42,000

No Limit

$50,000

Waiver of liability
We may waive or cancel all or part of the taxes. Attach your payment to your filled out
T1E-OVP return and send it to your tax centre. To find your tax centre, go to
www.cra.gc.ca/mailmyreturn.
Withdrawal of excess contributions You can reduce the amount subject to the
1% per-month tax by withdrawing amounts from an RESP for the beneficiary. However,
such a withdrawal does not reduce the total contributions made to the beneficiary's
RESPs and still has to be included in the total of the contributions in determining the
beneficiary's lifetime limit. You have to withdraw prior-year excess contributions before
you can withdraw current-year excess contributions.

First name and initials (print)

Social insurance number (SIN)

under 21 years of age; or

both beneficiaries are connected by a blood relationship or adoption to an original

subscriber of the RESP, and both are under 21 years of age.
In both these situations, we do not include the contributions made for the former
beneficiary when we determine whether the new beneficiarys lifetime contribution limit
has been exceeded.
For more information on RESPs, see RC4092, Registered Education Savings Plans
guide, which is available at www.cra.gc.ca/forms. You can also get our forms and
publications by calling 1-800-959-8281.

Before completing Areas 3 and 4, complete Parts 1 and 2 (and Part 3 if it applies) on the back of this return.
Area 3 Calculating the 1% per-month tax on RESP excess contributions
Your share of the excess contributions subject to tax for the previous year:
Enter, if applicable, the total of the amounts indicated on line 3 in Part 3 on the back of this return. . .

First name and initials (print)

Social insurance number (SIN)

Area 2 List of all RESPs and their subscribers for this beneficiary (attach a separate sheet if necessary)
Contract number

Subscriber's address
2 RESP name

the new beneficiary is a brother or sister of the former beneficiary and is

Date-YYYY

Address

1 RESP name

Generally, when you replace one RESP beneficiary with a new beneficiary, we treat the
contributions for the former beneficiary as if they had been made for the new beneficiary
on the date they were originally made. If the new beneficiary already has an RESP, this
may create an excess contribution.
However, this rule does not apply in the following situations:

If the terms of the RESP permit, you can transfer funds directly from one RESP
(transferring RESP) to another RESP (receiving RESP). The transfer will not cause an
excess contribution for a beneficiary under the receiving RESP if one of the following
situations applies:
a beneficiary under the transferring RESP is a beneficiary under the receiving
RESP; or
a beneficiary under the transferring RESP has a brother or sister who was under
21 years of age when the receiving plan was entered into, or the receiving plan is
family plan.

Address
Beneficiary's last name (print)

Changing the beneficiary

Transferring between RESPs

Area 1 Identification (subscriber completing this return and the beneficiary of the RESPs for the year)
Subscriber's last name (print)

However, transfers can result in an excess contribution in a beneficiary's RESP. When

we determine if there are excess contributions for months ending after 1996, we usually
treat the contributions that were originally made to the transferring RESP as if they had
been made to the receiving RESP on the original contribution date.

Subscriber's name
Social insurance number (SIN)

Contract number

Subscriber's name

Your share of the excess contributions subject to tax for the current year:
Enter the total of the amounts indicated on line 14 in Part 3 on the back of this return.. . . . . . . . . . .

Total of your share of the excess contributions: Line 1 plus line 2. . . . . . . . . . . . . . . . . . . . . . . . .

Rate of tax on RESP excess contributions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tax payable on RESPs excess contributions for the year: Line 3 multiplied by line 4. . . . . . . . . . .

Your payment is due within 90 days of the end of the year for which you are filing this
return. Arrears interest, at the prescribed rate, will be charged on any unpaid amount
not received by the due date. Do not mail cash. We do not charge an amount of $2 or
less.

Balance
owing

1%
$

Area 4 Certification
Social insurance number (SIN)

Subscriber's address
3 RESP name
Subscriber's address

I certify that the information given on this return is correct and complete.
Contract number

Subscriber's name
Social insurance number (SIN)

Subscriber's signature

Date

It is a serious offence to make a false return.

T1E-OVP E (15)

(Vous pouvez obtenir ce formulaire en franais www.arc.gc.ca/formulaires.)

Telephone number

4
5

Part 1 Record of all contributions made to RESPs for this beneficiary

Protected B when completed

Section C Enter contributions to all RESPs not described in Section A, made during the year for which you are completing this form.
Date of contributions
RESP contract number
Subscriber's name
Contributions
YYYY/MM/DD

Give the information requested for all contributions to RESPs for the beneficiary covered by this return. Also include contributions
transferred from another RESP or beneficiary for the beneficiary covered by this return. Do not record excluded contributions
described under the heading "Transferring between RESPs" and "Changing the beneficiary" on the front of this form. Attach a
separate sheet if necessary.
Section A Enter all contributions, including contributions in the year for which you are completing this form, made according to
RESPs entered into before February 21, 1990, that require periodic contributions of specified amounts, where at least one payment
was made before February 21, 1990.
Date of contributions
RESP contract number
Subscriber's name
Contributions
YYYY/MM/DD

Total contributions $

Part 2 Contribution limit for the beneficiary for whom you are filing this return

Section B Enter contributions to all RESPs not described in Section A above, made before the year for which you are completing
this form.
Date of contributions
YYYY/MM/DD

RESP contract number

Subscriber's name

Contributions

Part 3 Calculating the amount that is subject to tax (complete this chart month by month)
January

1. Excess contributions at the end of December of the preceding year. If you are filing this return for 1996, for
January, enter the excess contribution indicated on line 12 of the T1E-OVP for 1995. If you are filing this return
for 1997 or a future year, for January, enter the total of the amounts for December from lines 3 and 14 in Part 3
of the previous year's return. For all other months, indicate the amount from line 3 for the preceding month.

1.

2. Amounts withdrawn during the month up to the amount on line 1.

2.

3. Amount subject to tax for the month: Line 1 minus line 2. This result cannot be negative.

3.

Balance of lifetime limit available at beginning of the year: Line 1 minus line 4. . . . . . . . . . . . . . . . . . . .
Annual limit:
If you are filing this return for 1990 to 1995, enter $1,500.
If you are filing this return for 1996, enter $2,000.
If you are filing this return for 1997 to 2006, enter $4,000. . . . . . . . . . . . . . . .
Maximum allowable contributions for the year:
If you are filing this return for 2007 and future years, enter the amount from line 5.
If you are filing this return for 1990 to 2006, enter the amount from line 5 or 6, whichever is less . . . . . .
Enter the total contributions from Part 1, Section C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Line 7 minus line 8. If the result is negative, you have to complete Part 3 to calculate the amount that is
subject to tax. If the result is positive, you do not have RESP excess contributions for this year and, if
there were no RESP excess contributions for the previous year, you do not have to complete Part 3. . . . .

Total contributions $

Previous-year excess contributions

Line 2 plus line 3. (not exceeding the amount entered on line 1). . . . . . . . .

February

March

April

May

June

July

August

Total contributions $

Maximum lifetime limit: If you are filing this return for 1990 to 1995, enter $31,500.
If you are filing this return for 1996 to 2006, enter $42,000.
If you are filing this return for 2007 and future year, enter $50,000 . . . . . . . . .
Enter the total contributions from Part 1, Section A. If this amount is more
$
2
than maximum lifetime limit from Part 1, enter the amount from line 1. . . . .
+
3
Enter the total contributions from Part 1, Section B. . . . . . . . . . . . . . . . . .

September

October

=$

7
8

=$

9
November

December

Current-year excess contributions

4. Contributions you made during the month.
5. Contributions all other subscribers made during the month.
6. Total of all contributions made during the month: line 4 plus line 5.

4.
5.
6.

7. Cumulative total of all line 6 amounts this year up to the end of the month indicated above.

7.

8. Maximum allowable contributions: For each month, enter the amount from line 7 in Part 2 above.

8.

9. Excess contributions: Line 7 minus line 8. If positive, continue the calculation. If negative or "0" there is
no excess contribution and you do not have to complete the following lines for this month. Go to line 4 for
the next month.

9.

10. Total of all line 4 amounts this year up to the end of this month.

10.

11. Line 10 divided by line 7.

11.

12. Your share of the excess contributions: Line 11 multiplied by line 9.

12.

13. Amounts withdrawn this year up to the end of this month. Do not include the amounts on line 2.

13.

14. Your share of the excess contributions at the end of the month: Line 12 minus line 13.

14.

Personal information is collected under the Income Tax Act to administer tax, benefits, and related programs. It may also be used for any purpose related to the administration or enforcement of the Act such as audit, compliance and the payment of debts owed to the
Crown. It may be shared or verified with other federal, provincial/territorial government institutions to the extent authorized by law. Failure to provide this information may result in interest payable, penalties or other actions. Under the Privacy Act, individuals have the right to
access their personal information and request correction if there are errors or omissions. Refer to Info Source at www.cra.gc.ca/gncy/tp/nfsrc/nfsrc-eng.html, Personal Information Bank(s) CRA PPU 005.