How much money can be added to Registered Education Savings Plans (2024)

Benefits can add money to the RESP

A beneficiary with a Registered Education Savings Plan (RESP) may be eligible for the Canada Learning Bond (CLB) and the Canada Education Savings Grant (CESG). There are also provincial benefits available to eligible beneficiaries in British Columbia and Québec.

• The CLB can provide up to a lifetime maximum of $2,000 for each eligible child from families with low income
  • No contributions to the RESP are needed to get the CLB
  • The beneficiary could receive $500 the first year they're eligible, then another $100 each eligible year after that until the age of 15
  • The CLB is retroactive. The beneficiary can still be eligible to receive it up to the day before they turn 21
• The CESG can provide up to a lifetime maximum of $7,200 to an RESP
  • Contributions must be made to the RESP to get the CESG
  • The CESG adds a percentage of the contributions made to an RESP
  • The CESG can add a maximum of $500 to an RESP each year, and up to another $100 for eligible families with middle- and low-income
  • If you do not 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
  • 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, and then another $100 each eligible year after that until the age of 15, up to a lifetime maximum of $2,000 in their RESPs.

For eligible adults born in 2004 or later, they can also receive the CLB until the day before they turn 21 by opening their own RESPs.

CLB eligibility

To be eligible for the CLB, the beneficiary must:

• be a resident of Canada
• 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, 2023, to June 30, 2024, 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

• If annual adjusted family income is $53,359 or less

  If it’s the beneficiary's first year of eligibility for the CESG, the CESG could provide up to $600:

  • 20% of the first $2,500 contributed to the RESP = $500
  • 20% of the first $500 contributed to the RESP = $100
  • any amount of contribution will receive the CESG, up to these limits. In this example, to receive $600 from the CESG, contributions made to the RESP over the year would total $2,500

  Unused CESG amounts can carry forward to later years. If the beneficiary didn’t receive the maximum CESG amount in a previous year, the CESG could provide up to another $500, for a total of $1,100 in a given year:

  • 20% of contributions on top of the first $2,500, up to another $2,500 contribution = $500
  • you must have unused CESG amounts from previous years
  • in this example, contributions made to the RESP this year would total $5,000 to receive $1,100 from the CESG. This includes the amount for the given year and the carry-forward amount from previous years
• If annual adjusted family income is greater than $53,359 and up to $106,717

  If it’s the beneficiary's first year of eligibility for the CESG, the CESG could provide up to $550:

  • 20% of the first $2,500 contributed to the RESP = $500
  • 10% of the first $500 contributed to the RESP = $50
  • any amount of contribution will receive the CESG, up to these limits. In this example, to receive $550 from the CESG, contributions made to the RESP over the year would total $2,500

  Unused CESG amounts can carry forward to later years. If the beneficiary didn’t receive the maximum CESG amount in a previous year, the CESG could provide up to another $500, for a total of $1,050 in a given year:

  • 20% of contributions on top of the first $2,500, up to another $2,500 contribution: $500
  • you must have unused CESG amounts from previous years
  • in this example, contributions made to the RESP this year would total $5,000 to receive $1,050 from the CESG. This includes the amount for the given year and the carry-forward amount from previous years
• If annual adjusted family income is greater than $106,717

  If it’s the beneficiary's first year of eligibility for the CESG, the CESG could provide up to $500:

  • 20% of the first $2,500 contributed to the RESP = $500
  • any amount of contribution will receive the CESG, up to these limits. In this example, to receive $500 from the CESG, contributions made to the RESP over the year would total $2,500

  Unused CESG amounts can carry forward to later years. If the beneficiary didn’t receive the maximum CESG amount in a previous year, the CESG could provide up to another $500, for a total of $1,000 in a given year:

  • 20% of contributions on top of the first $2,500, up to another $2,500 contribution = $500
  • you must have unused CESG amounts from previous years
  • in this example, contributions made to the RESP this year would total $5,000 to receive $1,000 from the CESG. This includes the amount for the given year and the carry-forward amount from previous years

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
• 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.

• CESG eligibility for children aged 16 or 17

  Children who are 16 or 17 years old may be eligible to get the CESG. To be eligible, they must meet at least one of the following conditions before the end of the calendar year they turn 15:

  • a total of at least $2,000 is contributed to (and not withdrawn from) the RESP
  • a minimum annual contribution of $100 is made to (and not withdrawn from) the RESP in any four previous years
• CESG carry forward

  Unused CESG amounts from previous years accumulate until the end of the year in which the child turns 17, even if they are not a beneficiary of an RESP.

  If there is an unused CESG amount from previous years, the subscriber can contribute more than $2,500 to the RESP per year and receive up to 20% of their contributions (up to $5,000) each year. This way, a child could get up to $1,000 of the CESG in their RESP per calendar year if there are unused amounts from previous years.

  As long as the lifetime CESG limit ($7,200) is not exceeded, the CESG room can be carried forward.

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.

• British Columbia Training and Education Savings Grant (BCTESG)

  The B.C. Government will contribute $1,200 to eligible children through the B.C. Training and Education Savings Grant (BCTESG).

  To be eligible for the $1,200 BCTESG:

  • parent and child must be residents of B.C.
  • child must have been born in 2006 or later
  • child must be named as beneficiary of an RESP with a participating financial institution
• Québec Education Savings Incentive (QESI)

  The Québec Education Savings Incentive (QESI) is a tax measure that encourages Québec families to start saving early for the post-secondary education of their children and grandchildren. The lifetime maximum that can be received from the QESI is $3,600 for eligible beneficiaries.

Definitions