Whether your child eventually heads to university, enrolls in college or pursues another form of post-secondary training, the reality is the same: higher education is expensive. In Canada, the average undergraduate tuition for the 2024/2025 school year was $7,360, and fees can be significantly higher depending on the program. Planning ahead can make a big difference—one of the most effective tools is the registered education savings plan (RESP).
An RESP lets you build savings over time to cover tuition, books and other education-related expenses. What makes RESPs particularly powerful is the government support: the federal government matches a portion of your contributions through the Canada Education Savings Grant (CESG), and additional federal and provincial benefits are available to many families. Understanding these grants, who qualifies and how to maximize them will help you get the most value from your RESP.
What RESP grants are available?
The main federal incentive is the Canada Education Savings Grant (CESG), which provides a percentage match on annual RESP contributions and can add up to a meaningful lifetime boost to your child’s savings. Low-income families may also qualify for the Canada Learning Bond (CLB). Some provinces offer their own RESP-related incentives; examples include British Columbia and Quebec, each with specific eligibility rules and lifetime maximums. Below is a summary of common grants and how they work.
| Canada Education Savings Grant (CESG) | Lifetime maximum of $7,200 per child | Every eligible child receives an extra 20% on the first $2,500 saved each year (additional matching rates may apply for low- and middle-income families) | If you can set aside $2,500 per year (about $208.33 per month), you’ll receive the full $500 CESG top-up for that year and work toward the $7,200 lifetime cap. |
| Canada Learning Bond (CLB) | Lifetime maximum of $2,000 | Available to children from low-income households (for example, a household income threshold is used to determine eligibility) | Eligible children can receive $500 in the first year and $100 in subsequent years up to age 15. The CLB is retroactive and can be claimed up to the day before the child turns 21. |
| British Columbia Training and Education Savings Grant (BCTESG) | $1,200 | Available to children and parents/guardians who are residents of British Columbia; applications are required between a child’s sixth and ninth birthdays. | This grant does not require a matching contribution, but parents may need to apply or ask their RESP provider to submit the application on their behalf. |
| Quebec Education Savings Incentive (QESI) | Lifetime maximum of $3,600 | Children under 18 who were residents of Quebec as of December 31 of the taxation year | The QESI matches 10% of your annual RESP contribution up to $250; unused grant room from previous years may increase the annual amount up to $500 in some cases. |
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How to get the maximum RESP government contribution
With the rising cost of living, setting money aside for education can feel daunting. However, a few practical strategies can help you build a substantial RESP balance over time and secure the maximum available government contributions. Below are straightforward steps to consider when planning your RESP strategy.
- Start early and be consistent. Even modest, regular contributions benefit from compound growth over many years. The earlier you start, the longer your contributions have to grow. If your child is older, it’s still worthwhile to contribute—some growth is better than none.
- Create a realistic savings plan and review it regularly. Decide on a monthly or annual contribution that fits your budget and revisit that plan as your finances change. Life events—job changes, unexpected expenses or windfalls—may require adjustments. Reassessing every few months helps keep the plan aligned with your goals.
- Target grant-maximizing contributions when possible. To reach the full CESG lifetime maximum of $7,200, aim to contribute $2,500 each year for 14 years (earning $500 in CESG annually), with an additional $1,000 contributed in the 15th year. If you can’t hit $2,500 every year, contribute what you can and plan to make catch-up contributions when feasible.
- Get professional guidance if needed. Managing an RESP and choosing investments—GICs, bonds, mutual funds or stocks—can be complex. An investment advisor or financial planner can help you select an appropriate investment mix, determine contribution levels to maximize grants and keep the plan on track.
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How to pay for school and still have a balanced life—guidance for students and parents
Read more about RESPs
- What an RESP can be used for—tuition, books, and eligible education expenses
- Answers to common RESP questions—contribution rules, grant eligibility and withdrawal rules
- Next steps after opening an RESP—how to choose investments and claim government grants
Saving for your child’s education is an investment in their future and in your family’s financial well-being. By opening an RESP, taking advantage of federal and provincial grants, and following a consistent savings approach, you can reduce the burden of future education costs and give your child more options when they reach the next stage of their education journey.