A Registered Education Savings Plan (RESP) is a tax-advantaged savings plan designed to help Canadian families save for their children's post-secondary education. The government provides grants that boost your savings significantly.
Canada Education Savings Grant (CESG): Government matches 20% of contributions, up to $500/year
Lifetime CESG Maximum: $7,200 per beneficiary
Lifetime Contribution Limit: $50,000 per beneficiary
Lifetime CESG Maximum: $7,200 per beneficiary
Lifetime Contribution Limit: $50,000 per beneficiary
Key Benefits of an RESP
Free Government Money
Get up to $7,200 in Canada Education Savings Grants - that's free money for your child's education.
Tax-Deferred Growth
Investment earnings grow tax-free inside the RESP until withdrawn for education.
Flexible Beneficiaries
Transfer funds between siblings if one child doesn't pursue post-secondary education.
Wide Education Coverage
Covers university, college, trade schools, apprenticeships, and many other programs.
How the CESG Works
- Basic CESG: 20% match on first $2,500 contributed annually (up to $500/year)
- Additional CESG: Extra 10-20% for lower-income families
- Canada Learning Bond: Up to $2,000 for eligible low-income families (no contributions required)
- Catch-Up Room: Unused grant room carries forward - maximize grants with $5,000/year contributions
Who Can Open an RESP?
- Any Canadian resident can open an RESP for a child
- Beneficiary must have a Social Insurance Number
- No age limit for contributor - grandparents can contribute too
- Multiple people can contribute to the same RESP
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