What is the RESP contribution limit?

You can contribute as much as you want per year to an RESP, but no more than $50,000 lifetime per beneficiary. Neither government grants nor any investment growth in your RESP count toward the $50,000 limit, so there could be more than $50,000 in your plan by the time your child needs it.

What is the Canada Education Savings Grant (CESG)?

The Canada Education Savings Grant (CESG) is a federal government program that helps Canadians save for post-secondary education. Regardless of your family income, the federal government will top up your annual contribution by 20%, up to $500 per year and $7,200 in total, per beneficiary. If your family income is low, you may be eligible for a bigger grant.

What is the Québec Education Savings Incentive (QESI)?

The Québec education savings incentive (QESI) is a tax measure that encourages Québec families to start saving early for the education of their children and grandchildren. It’s a refundable tax credit paid directly into a registered education savings plan (RESP) opened with an RESP provider that offers the QESI. To get the credit, the trustee of your RESP must apply to Revenu Québec.

What is the Saskatchewan Advantage Grant for Education Savings (SAGES)?

This program will be suspended after December 31, 2017. The Saskatchewan Advantage Grant for Education Savings (SAGES) helps Saskatchewan families save for their children’s post-secondary education by adding a 10% grant to RESP contributions made between January 1, 2013 and December 31, 2017, to a maximum of $250 per child per year.

The maximum lifetime SAGES grant is $4,500 per child.

Contributors have until the end of December 2017 to make a contribution towards an RESP and be eligible for SAGES. 

What is the British Columbia Training and Education Savings Grant (BCTESG)

The British Columbia Training and Education Savings Grant (BCTESG) is a $1,200 grant given to eligible children living in British Columbia who are named as beneficiaries of a RESP held by a person living in British Columbia, through a participating financial institution. Eligibility depends on the child’s year of birth, and the grant can be applied for between the child’s 6th and 9th birthdays.

What is the Canada Learning Bond (CLB)?

The Canada Learning Bond (CLB) is a federal government program that helps lower-income families pay for their children’s post-secondary education. If you qualify for and receive the National Child Benefit Supplement, you can apply for the CLB. The bond provides up to $2,000 for your child’s education in an RESP, whether or not you have saved any money of your own in it. Note that not all RESP providers offer the CLB.