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Program · Federal

Registered Education Savings Plan (RESP)

Tax-deferred savings for a child's post-secondary education. Government matches 20% on first $2,500 of annual contributions via the Canada Education Savings Grant (CESG).

Reviewed by Ben Stevenson, Managing Editor, Canadian Money Help Updated April 21, 2026 Methodology

Eligibility

  • Beneficiary must have a SIN
  • Open by anyone (parent, grandparent, other relative, family friend)
  • One beneficiary per plan (individual RESP) or multiple (family RESP)

Limits and rules

  • Lifetime contribution: $50,000 per beneficiary
  • CESG match: 20% on first $2,500/year; lifetime max $7,200 per beneficiary
  • Contributions return tax-free; growth and grants taxed at child's rate when withdrawn for education
  • Plan open up to 35 years; most useful within 25 years

Source

CRA: RESP →