RESPs are a tax-deferred savings vehicle designed to save for post-secondary education. With an RESP, deposits of up to $2500 per child per year are eligible for the 20% Canada Education Savings Grant – this works out to $500 per year in grant contributions. The maximum grant-eligible contribution amount is $36,000 per child which works out to $7200 of grant money. You can catch up on past contributions and grant money as well. The CESG grants stop after your child turns 17.
How much should I save for my child’s education?
Dec 28, 2021