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The RESP

Registered Education Savings Plan

A savings account for your children’s education, where governments add grants to what you put in.

The 2026 numbers

$500
CESG per child, per year
$7,200
Lifetime CESG maximum, per child
$250
QESI per child, per year (Québec)

Numbers checked against the official sources on September 29, 2026.

What it’s for

  • Getting free money: 20% more on your contributions, from the first dollar.
  • Paying for studies after high school: university, college, CEGEP or a trade program.
  • Growing those savings tax-sheltered until school starts.

Who it’s for

  • Parents, grandparents or anyone close to a child who lives in Canada.
  • Lower-income families: the Canada Learning Bond is paid even with no contributions at all.

How it works

  1. CESG: Ottawa adds 20% to your contributions, so $500 a year on the first $2,500 per child, until the end of the year the child turns 17. Lifetime maximum: $7,200.

  2. A missed year can be caught up: up to $1,000 of CESG a year, by contributing $5,000. Modest family income: an extra 20% on the first $500 up to $58,523 of income, 10% up to $117,045.

  3. QESI, Québec only: 10% more, up to $250 a year ($500 with catch-up) and $3,600 for life, paid into the same RESP.

  4. Canada Learning Bond: $500 the first year, then $100 for each eligible year, up to $2,000, for a child born in 2004 or later in a low-income family. No contribution needed: just open an RESP and apply.

  5. In British Columbia, the BCTESG pays $1,200 per child, no contribution needed, if you apply between ages 6 and 9.

An example

You put $2,500 in for one child, in Québec

One year, with no catch-up and no income-based extra.

Example: Québec
Your contribution
$2,500
CESG (20%)
$500
QESI (10%)
$250
Total in the RESP this year
$3,250

Over the years, the CESG tops out at $7,200 and the QESI at $3,600 per child.

Fictional example, round numbers.

Common mistakes

  • Starting late: at 16 and 17, the CESG is only paid if $2,000 went in before the end of the year the child turned 15, or at least $100 a year in 4 years.
  • Putting in a big lump sum: above $5,000 in a year, the extra dollars get no grant.
  • Not applying for the Canada Learning Bond: it doesn’t arrive on its own.
  • Signing up for a plan without reading its terms and fees: some group plans have strict rules.

In Huard & Co

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General information to help you understand, not personalized advice. Rules change: every number links to its official source.