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Designed to help you save money for a child’s post-secondary education, RESPs are a tax-effective, government-supported savings program. Investments within an RESP grow tax-free until the money is withdrawn.
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You can contribute any amount at any time, up to the lifetime contribution limit of $50,000.
The Government of Canada provides the Canada Education Savings Grant (CESG) by matching 20% of eligible annual contributions to a maximum of $500 per beneficiary per year. The lifetime maximum CESG payable to a beneficiary is $7,200.
If you have not maximized your CESG grant in a year, the unused grant room can be carried forward and claimed in a future year if sufficient contributions are made.
Additional grants may be available for families who meet certain criteria:
Additional CESG of up to $100 per year may be available for families who contribute and receive the Canada Child Tax Benefit.
Canada Learning Bond - Extra $100 per year ($500 in the first year) up to age 15 for each year the family receives the National Child Benefit (different from the Canada Child Tax Benefit). No contribution required.
Alberta Centennial Education Savings Grant - $500 grant at birth, with additional $100 grant when the beneficiary turns 8, 11 and 14 (for Alberta residents only).
