RESP Grants and Contributions

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 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 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 Canada Child Benefit, 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.

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