The Canada Education Savings Grant (CESG) adds 20% to the first $2,500 you contribute each year — $500 per child — up to $7,200 per child over their lifetime.
The simple path
Contribute $2,500 per year (about $208/month) from birth. You'll reach the $7,200 limit in the 15th year.
Started late? Catch up
Unused grant room carries forward, but you can only receive one extra year's grant at a time — up to $1,000 of CESG per year on a $5,000 contribution.
Don't miss the age-15 rule
For a child to receive CESG at ages 16 and 17, the RESP must have received at least $2,000 in contributions before the end of the year they turn 15 — or at least $100 a year in any four years before then.
Lower income? Get more
Families with net income up to $58,523 receive an extra $100 a year (and $50 up to $117,045). Children in lower-income families may also qualify for the Canada Learning Bond — up to $2,000 with no contribution required.
Run your own numbers with the RESP calculator.
This article is general information, current as of its publication date, and is not personal financial, tax or legal advice.