RESP: free money for your child's education
The federal government adds at least 20% to what you save — up to $7,200 per child — and families with lower incomes can receive up to $2,000 more through the Canada Learning Bond.
Book a free consultationHow an RESP works
- Anyone can open an RESP for a child — parents, grandparents, family or friends.
- Lifetime contribution limit: $50,000 per child. No annual limit.
- Contributions aren't deductible, but growth is tax-sheltered until withdrawn.
- Withdrawals of grants and growth are taxed in the student's hands — usually at little or no tax.
- A plan can stay open for up to 35 years.
Canada Education Savings Grant (CESG)
| Family net income (2026) | Grant on first $500 | Grant on next $2,000 | Max per year |
|---|---|---|---|
| $58,523 or less | 40% ($200) | 20% ($400) | $600 |
| $58,523 – $117,045 | 30% ($150) | 20% ($400) | $550 |
| Over $117,045 | 20% ($100) | 20% ($400) | $500 |
Lifetime CESG maximum: $7,200 per child, paid until the end of the year the child turns 17. Unused basic grant room carries forward, up to $1,000 of CESG per year. Children aged 16 or 17 only qualify if at least $2,000 was contributed before the year they turned 16, or at least $100 a year in any four years before then.
Canada Learning Bond (CLB)
For children born in 2004 or later in lower-income families: $500 in the first eligible year plus $100 for each additional year of eligibility up to age 15 — to a maximum of $2,000. No contribution is required, and past entitlements are paid retroactively when you apply. Young adults can apply for themselves until the day before they turn 21.
Using the money
When the student enrols in a qualifying program, the RESP pays Educational Assistance Payments (EAPs) made up of grants, bonds and growth. In the first 13 weeks of full-time study, EAPs are capped at $8,000 ($4,000 for part-time). Your original contributions can be withdrawn tax-free at any time.
Individual, family and group plans
Family plans let siblings share contributions and growth, which is helpful if one child doesn't pursue post-secondary. Individual plans can name anyone, including yourself. Group plans pool savings under set schedules — review their fees and rules carefully before signing.
Sources: Canada.ca – RESP amounts · CRA – RESP. Figures current for 2026; verified September 2026.
Estimate your RESP at age 18
RESP grant estimator
Hypothetical illustration using 2026 program rules; assumes rates and rules stay the same and returns are constant. Not a guarantee of future values. Segregated fund values fluctuate.
RESP Essentials
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RESP questions
How much can I contribute to an RESP?
What if I missed years of grants?
What if my child doesn't go to post-secondary school?
Does Alberta offer an RESP grant?
Do I have to contribute to get the Canada Learning Bond?
Start your child's RESP
We'll help you choose the right plan type, set up automatic contributions and make sure every grant dollar is claimed.