A Registered Education Savings Plan (RESP) is an investment vehicle that allows Canadian families to save for their children’s post-secondary education.

The principal benefit of an RESP is that the savings plan can earn government grants like the Canada Education Savings Grant (CESG). You may also be eligible for additional provincial government grants that could add thousands of dollars more to your plan.

Another advantage of RESPs that make it a unique form of investment, is that the growth income earned on investment contributions remains tax-deferred until your child enters a post-secondary program and the money is withdrawn.

Any Canadian resident can open and contribute to an RESP for a child: parents, grandparents, friends and neighbours.

Government Grants

To assist you in your efforts to save, the Government of Canada and the Government of Quebec supplement your savings with substantial grants deposited directly into your RESP.

CESG Canada Education Savings Grant

Every child is entitled to the basic 20% CESG.
Grant money is deposited directly into your child’s RESP account.
Annual limit of $500 per child.

The additional CESG is also offered to modest- and middle-income families.
10% or 20% (based on adjusted family net income).
Grant money is deposited directly into your child’s RESP account.
Annual limit of $100 per child.

Lifetime limit of $7,200 per child for both CESG grants

CLB Canada Learning Bond

Grant offered to assist low-income families.

$500 deposited at plan opening whether or not the parent makes contributions.
Additional $100 deposited each year of eligibility until the beneficiary’s 15th birthday.

Lifetime limit of $2,000

QESI Quebec Education Savings Incentive

Every child in Quebec is entitled to the basic 10% QESI.
Grant money is deposited directly into your child’s RESP account.
Annual limit of $250 per child.

The additional QESI is also offered to modest- and middle-income families.
5% or 10% (based on adjusted family net income).
Grant money is deposited directly into your child’s RESP account.
Annual limit of $50 per child.

Lifetime limit of $3,600 per child for both QESI grants