 As for RESPs, the budget proposed changes in the time limits and age limits. The maximum number of contribution years will be increased to 31, up from 21 years. The lifetime contribution limit remains at $50,000. The deadline for terminating an RESP will be extended to the year that includes the 35th anniversary of the plan, up from the current 25th anniversary. If the beneficiary qualifies for the disability tax credit, the deadline is extended to the 40th anniversary year, up from the 30th year. In terms of age limits, no contributions can currently be made to family plans for beneficiaries who are 21 or older; raising the previous age threshold to 31 years old.
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