An RESP can be a smart way to save for a child’s post-secondary education while taking advantage of valuable government grants. When you contribute to a Registered Education Savings Plan (RESP), eligible children can receive the Canada Education Savings Grant (CESG), which adds 20% on the first $2,500 contributed each year. That means up to $500 annually in federal government grants, with a lifetime CESG maximum of $7,200 per child. Some middle- and lower-income families may also qualify for additional CESG amounts, which can increase the yearly grant even more.
There is also extra help available for families with lower incomes through the Canada Learning Bond (CLB). This program is designed to help kick-start education savings for eligible children, and no personal contributions are required to receive it. For children born on or after January 1, 2004, the government can contribute $500 for the first year of eligibility, plus $100 for each additional eligible year until age 15, up to a lifetime maximum of $2,000 per child.
Eligibility for the Canada Learning Bond is based on adjusted family net income and the number of children in the family, and those income thresholds are indexed annually. For the 2025–2026 benefit year, the threshold for families with one to three children is $57,375 or less, with higher limits for larger families. Because those amounts can change from year to year, it is a good idea to check the latest federal guidelines when planning your RESP strategy.
An RESP can help make education after high school more affordable, whether a child plans to attend college, university, trade school, CEGEP, or an apprenticeship program. Starting early can give your savings more time to grow and help you maximize the grants available along the way. Even small contributions can add up over time, especially when combined with government incentives.