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How much do I need to invest to receive maximum benefits?

Question from: Cody, Portage

OUR ANSWER

The magic number to maximize your RESP grants is $2,500 in contributions per year1. If your family budget allows it, this is the sum you should invest to attract the maximum grant amount each year. You can choose to invest this amount in a single contribution or in several monthly contributions throughout the year.

Grant entitlements start from birth, so if you didn’t contribute during your child’s early years or your contributions were lower than $2,500 per year, you can recover unused entitlements from previous years. In this case, up to $5,000 in contributions per year1 will attract government grants.

Parents who wish to maximize the grants for their children should also know that the lifetime limit for the Canada Education Savings Grant (CESG) is $7,200 per beneficiary and $3,600 for the Quebec Education Savings Incentive (QESI)2 offered in the province of Quebec.

SEE ALSO

Legal Notes

1. Certain conditions apply. See our prospectus.

2. Maximum annual CESG limit is $600, and maximum annual QESI limit is $300. Certain conditions apply. See our prospectus.