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Is there a maximum amount a beneficiary can receive as an EAP? What is considered reasonable?

No, as long as the payment qualifies as an EAP at the time it is made there is no maximum limit. It should be noted that on August 12, 2008, a yearly EAP threshold of $20,000, indexed annually by the Consumer Price Index, was established to assist financial institutions in determining the reasonableness of an EAP request. The Canada Revenue Agency (CRA) will not question legitimate EAP requests below $20,000, nor will financial institutions be expected to assess the reasonableness of each expense item, as long as the conditions permitting an EAP are met. 

However, the Minister designated for the purposes of the Canada Education Savings Act is still required to approve (on a case-by-case basis) an EAP amount that is higher than $5,000, if the student has not completed 13 consecutive weeks in a qualifying educational program in the previous 12 months. 

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