Children's Education Savings
Give your child options before the acceptance letter arrives.
A Registered Education Savings Plan (RESP) is one of the few places in the Canadian tax system where the government contributes alongside you. Setting it up correctly — and early — makes a meaningful difference over 18 years.
What's Included
What working together looks like.
- RESP setup — individual or family plan
- Guidance on capturing the Canada Education Savings Grant (CESG)
- A contribution schedule so grant room isn't left unclaimed
- Investment selection appropriate to your child's age and time to enrollment
- Guidance on additional provincial or income-based grants where available
- A withdrawal plan once your child enrolls in a qualifying program
Who This Is For
You might recognize yourself here.
New parents
Opening a first RESP and wanting to get the grant strategy right from year one.
Grandparents
Looking to contribute to a grandchild's education without complicating the family's plan.
Late starters
Beginning an RESP for an older child and wanting to catch up efficiently.
How It Fits Together
This rarely stands alone.
Decisions here tend to touch other parts of your plan. A couple of related places to look next:
Investment Planning
The right investment mix inside an RESP changes as your child gets closer to enrollment.
See investment planningTax Planning
RESP withdrawals are taxed in your child's hands, often at a very low rate — worth planning around.
See tax planning
Common Questions
Answered plainly.
A federal grant that matches 20% of your annual RESP contributions, up to $500 per year, to a lifetime maximum of $7,200 per child. Additional income-based grants may also apply. Amounts and rules are set federally and should be confirmed before you rely on them.
Your original contributions come back to you tax-free, the grant portion generally returns to the government, and there are options — including transferring some earnings into your RRSP if you have contribution room — for the rest. This is worth planning for early rather than discovering after the fact.
Usually not — grant room and time horizon both factor into the strategy, and there's often still a meaningful benefit to starting now.
Yes, typically into the same family plan, which can help simplify tracking contributions and grant room.