Tax Guide/Saving and investing
The RESP explained
Updated November 4, 2026
A Registered Education Savings Plan (RESP) helps pay for a child's education after high school. Contributions are not deductible, but growth is tax-sheltered.
The grant
The Canada Education Savings Grant adds 20% on the first $2,500 contributed per child per year, which is up to $500. The lifetime grant is $7,200 per child.
Other rules
- Lifetime contribution limit: $50,000 per child
- Grants and growth are taxed to the student on withdrawal, often at a low rate
- Your original contributions come out tax-free
- Unused grant room can generally be caught up, with limits