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Project your RESP growth with CESG grants. See how much you'll have for your child's education and how much free government money you'll earn.
The Canada Education Savings Grant (CESG) matches 20% of the first $2,500 you contribute each year — up to $500 per year and $7,200 per child over the plan's lifetime. Contributing $208/month captures the full grant every year.
The lifetime RESP contribution limit is $50,000 per beneficiary, with no annual cap. Missed years carry forward: contributing $5,000 in one year can recover up to $1,000 in CESG. Eligible lower-income families also get the Canada Learning Bond — up to $2,000 with no contribution required at all.
A painless way to fund that $208 a month is to redirect benefit deposits you already receive: the Canada child benefit arrives monthly and the Canada Groceries and Essentials Benefit (formerly the GST credit) quarterly. Both calendars are on our 2026 GST credit and CRA benefit payment dates page, and the CGEB calculator shows what your family receives each quarter.
Last updated 2026-08-23 · Figures verified against Government of Canada — RESP contributions and the CESG (20% / $500 / $7,200 / $50,000, unchanged for 2026)
A Registered Education Savings Plan (RESP) is a tax-sheltered savings account to help fund a child's post-secondary education in Canada. Contributions are not tax-deductible, but investment growth inside the plan is tax-free until withdrawn.
When withdrawn for education, the growth portion (Educational Assistance Payments or EAPs) is taxed in the student's hands — usually at a very low rate since students often have little other income.
The Canada Education Savings Grant (CESG) is a government grant that matches 20% of the first $2,500 contributed each year, giving you up to $500/year in free money. The lifetime CESG maximum is $7,200 per beneficiary.
Unused room can carry forward — if you missed years, you can catch up to $1,000/year in grants by contributing $5,000. Lower-income families may qualify for additional CESG (up to 40% on the first $500).
The lifetime RESP contribution limit is $50,000 per beneficiary. There is no annual limit — you could contribute $50,000 in one year if you wanted.
However, to maximise the CESG (which only matches up to $2,500/year), it's optimal to contribute $2,500/year for 18 years ($45,000 total, earning $9,000 in grants — though the CESG caps at $7,200).
You have several options: (1) Leave the RESP open for up to 36 years and hope they attend later; (2) Change the beneficiary to another child (including siblings); (3) Collapse the RESP — your contributions come back tax-free, but the CESG must be returned and the growth (Accumulated Income Payments) is taxed at your marginal rate + 20% penalty. You can transfer up to $50,000 of AIP to your RRSP if you have room.
The Canada Learning Bond is $500 upon opening an RESP for eligible low-income families, plus $100/year for up to 15 years (max $2,000). You don't need to contribute anything — just open the RESP.
Eligibility is based on receiving the Canada Child Benefit and meeting income thresholds. Even if you can't contribute, opening an RESP for the CLB alone is worth it.
Individual RESPs have one beneficiary and anyone can be named. Family RESPs can have multiple beneficiaries (must be related to the subscriber) and let you share the plan's income among them — useful if one child doesn't pursue post-secondary education.
For most families with multiple children, a Family RESP offers more flexibility. The subscription limit is still $50,000 per beneficiary.