Federal grants
| Grant | Amount |
|---|---|
| Canada Education Savings Grant (CESG) | A federal grant that adds a percentage of your annual contributions, up to annual and lifetime maximums set by the government. The current amounts are published at canada.ca. |
| Canada Learning Bond (CLB) | An additional amount for eligible lower-income families, with no contribution required. |
| Growth | Investment income inside the plan is not taxed while it remains in the plan. |
Eligibility for newcomers
An RESP can be opened once the subscriber and the child are residents and both have Social Insurance Numbers. A parent, grandparent, relative, or friend can be the subscriber.
Contribution limits
There is a lifetime contribution limit per child, set by the government, and no annual contribution limit. Contributing enough each year to capture the maximum annual grant is a common approach, and unused grant room can be carried forward. The current limits are published at canada.ca.
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Book my free review →Frequently asked questions
Can newcomers open an RESP?
Yes. Once the subscriber and the child are residents and both have Social Insurance Numbers, an RESP can be opened and federal grants such as the CESG can be received.
How much does the government contribute?
The Canada Education Savings Grant adds a percentage of your annual contributions, up to annual and lifetime maximums set by the government. Lower-income families may also receive the Canada Learning Bond, which requires no contribution. The current amounts are published at canada.ca.
How much can be contributed to an RESP?
There is a lifetime contribution limit per child, set by the government, and no annual limit. Contributing enough each year to capture the maximum annual grant is a common approach. The current limits are published at canada.ca.
Is RESP investment income taxed?
Investment income is not taxed while it stays in the plan. When withdrawn for education, the grant and growth portions are taxed in the student's hands, usually at a low rate.
Related pages
This page is for general educational purposes only and does not constitute personalized financial, tax, legal or accounting advice. Figures, limits and coverage ranges are illustrative and change over time - verify current terms before acting. Insurance and registered-account eligibility is subject to underwriting and government rules. Compensation is disclosed in writing before any application is signed. Neelesh Kumar is a Licensed Life & Health Insurance Agent regulated by FSRA - verify at fsrao.ca. © 2026 Wealthready · FinanceWithNeelesh · Kitchener, Ontario.