Why this matters for newcomers
Many parents come to Canada so their children can have more opportunities. The Registered Education Savings Plan (RESP) is one of the most generous programs Canada offers, and one of the most often missed by newcomer families. The government adds money on top of yours, and some families receive money without saving anything at all.
What an RESP is
An RESP is a savings and investment account for your child's education after high school: university, college, CEGEP, trade school, or an apprenticeship. The money grows without being taxed while it's in the account. Any adult can open one for a child, including parents, grandparents, or other relatives.
The free money the government adds
| Program | How it works | How much |
|---|---|---|
| Canada Education Savings Grant | The government adds 20% of what you put in | Up to $500 a year per child (on $2,500 saved), up to $7,200 per child in total |
| Additional grant for lower and middle incomes | An extra 10% or 20% on the first $500 you put in each year | An extra $50 or $100 a year, depending on family income |
| Canada Learning Bond | For lower-income families. You don't need to put in any money. | $500 the first year, then $100 a year up to age 15, up to $2,000 total |
Example: small amounts still add up
Saving $25 a week (about $1,300 a year) earns $260 a year in free grant money for your child. Saving about $208 a month ($2,500 a year) earns the full $500 a year.
See what the grant adds
A quick estimate of the basic grant and bond. It doesn't include investment growth or the additional grant.
Illustration only. The grant is capped at $500 a year in this estimate (catch-up years can add more) and $7,200 per child.
If your children are older
Newcomer tip
Arrived with older children? Start now. The grant stops at the end of the year your child turns 17. If you missed earlier years, you can often catch up by receiving up to $1,000 in grant in a single year (by contributing $5,000), as long as you have unused grant room.
Your child needs to be a resident of Canada and have their own SIN. Your own immigration status does not stop your child from receiving the grants.
Watch out
Some RESPs, often called group or scholarship plans, are sold with high fees and strict rules that can cause you to lose money if you stop contributing. Before signing, ask about every fee and what happens if you miss payments. An individual or family RESP at a bank, credit union, or online brokerage is usually simpler and more flexible.
When you open an RESP, ask the provider to apply for every grant and bond your child may qualify for, then check your statement to make sure they appear.
Your next small step
Pick one. Do it this week.
- Make sure each child has a SIN.
- Open an RESP and ask for the grant and the Canada Learning Bond.
- Set up an automatic contribution, whatever you can afford, even $10 a week.
Track it on your first-year checklist →
Learn more
Official, free sources. Always check these for the latest amounts before making a decision.
- RESPs and education savingsGovernment of Canada
- Canada Learning BondEmployment and Social Development Canada
- Apply for a Social Insurance NumberService Canada