RESP
RESP — save for your child’s education, with grants
The Canada Education Savings Grant adds 20% on the first $2,500 you contribute each year per child — up to $500 a year and $7,200 per child in total.
Who it’s for
Is this right for you?
- Parents and grandparents of young children
- Families eligible for the Canada Learning Bond
- BC families eligible for the BCTESG
How it works
- Open an RESPFor your child or grandchild.
- Collect grantsThe government adds 20% on eligible contributions.
- Pay for schoolWithdraw for college, university or trades training.
Key features
How it works
- Canada Education Savings Grant (CESG): 20% on the first $2,500 a year
- Canada Learning Bond for eligible lower-income families
- BC Training and Education Savings Grant for eligible BC children
- Tax-deferred growth
Contribution limits and rules are set by the Government of Canada and can change. See the current details at canada.ca. This is general information, not tax advice.
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