How much money benefits could add to the Registered Education Savings Plan

Benefits can add money to the RESP

Open an RESP with a financial institution of your choice to help set aside money to pay for the costs of a child's education after high school. Start early and watch your money grow with accumulated interest and education savings benefits from the Government of Canada.

The beneficiary of an RESP may also be eligible for the Canada Learning Bond (CLB) and the Canada Education Savings Grant (CESG). Provincial benefits are also available for eligible recipients in British Columbia and Québec.

• The CLB provides up to $2,000 (lifetime maximum) in an RESP for eligible children from families living with low income
  • No contributions to the RESP are needed to get the CLB
  • A beneficiary will receive $500 their first year of eligibility, then another $100 for each year of eligibility year after until the age of 15
  • The CLB is retroactive. Primary caregiver can request the CLB for an eligible child until the day before they turn 18.
  • It must be claimed before the beneficiary turns 21
• The CESG provides up to $7,200 (lifetime maximum) in an RESP for eligible children regardless of income
  • Contributions must be made to the RESP to get the CESG
  • The CESG adds a maximum of $500 to an RESP each year, and up to another $100 for eligible families living with low or middle- income
  • If a subscriber does not receive the maximum CESG amount in a given year, the subscriber can catch up on this amount by making more contributions to the RESP in the following years
  • The CESG is available until the end of the calendar year that the beneficiary turns 17
• Beneficiaries living in British Columbia may be eligible for an additional one‑time $1,200 grant, and beneficiaries living in Québec may be eligible for a refundable tax credit with a lifetime maximum of $3,600.

CLB amounts and eligibility criteria

If the beneficiary is eligible to receive the Canada Learning Bond (CLB), they could receive $500 the first year in an RESP, and then another $100 each eligible year after that until the age of 15, up to a lifetime maximum of $2,000.

Once they turn 18 years of age, eligible beneficiaries can take the steps to request the CLB for themselves. They have until the day before they turn 21 to open their own RESP and request unclaimed amounts of CLB.

CLB eligibility

To be eligible for the CLB, the beneficiary must:

• be a resident of Canada prior to the CLB payment is made to the RESP
• have a Social Insurance Number (SIN)
• be named as a beneficiary in an RESP
• be born on or after January 1, 2004
• be from a family with low-income

As well, the primary caregiver of the beneficiary must:

• have filed income tax returns for each year they wish to request the CLB for the beneficiary
• be eligible to receive the Canada Child Benefit (CCB)

No contributions to the RESP are needed to get the CLB. Eligibility for the CLB is based on the adjusted family income of the primary caregiver.

The CLB is retroactive. The CLB amounts accumulate each year of eligibility until December 31 of the year in which the beneficiary turns 15. The primary caregiver can request the CLB for an eligible child until the day before they turn 18. Once the child turns 18, they could also become the subscriber of their own RESP and request the CLB for themselves, until the day before they turn 21.

Children in care, for whom a Children’s Special Allowance is payable, are also eligible for the CLB.

For July 1, 2024, to June 30, 2025, the income eligibility amount for the CLB is based on the following.

For families with more than 5 children, call 1 800 O‑Canada (1-800-622-6232).

CESG amounts and eligibility criteria

If the beneficiary is eligible to receive the Canada Education Savings Grant (CESG), they could receive up to $500 each year of eligibility. Eligible children from families with middle- or low-income could receive up to another $100 each year. The lifetime maximum that can be received from the CESG is $7,200 until the age of 17.

To receive the CESG, contributions must be made to the RESP. The CESG adds an amount to the RESP based on contributions made. If eligible, beneficiaries can receive up to 20% of the first $2,500 contributed to the RESP. Eligible beneficiaries from families with middle- and low-income can receive an additional 10% or 20% of the first $500 contributed to the RESP.

CESG amounts accumulate and can carry-forward to the current year. If you don’t receive the maximum CESG amount in a given year, you can still receive it in future years. You can catch up on this amount by making more contributions to the RESP.

How much eligible beneficiaries could get from the CESG each year

How to determine your adjusted family income

CESG eligibility

The CESG is available until the end of the calendar year that a child turns 17. A contribution must be made to the RESP to receive the CESG.

To be eligible for the CESG, the child must:

• be a resident of Canada at the time the contribution to the plan is made
• have a Social Insurance Number (SIN)
• be named as a beneficiary in an RESP
• be 17 years old or younger

Use the calendar year to determine:

• CESG eligibility
• the amount of contributions made
• the CESG room earned and used in the last year

There are eligibility restrictions for children who are 16 or 17 years old.

Other benefits for people in British Columbia and Québec

British Columbia and Québec offer provincial benefits that may add money to an RESP. This is on top of any money from the CLB or CESG.