The government will give your kid $7,200 — free. 1. An RESP is a tax-sheltered account where the federal government matches 20% of your contributions through the Canada Education Savings Grant — up to $500 per year, per child. → $500/year 2. To capture the full $7,200 in lifetime CESG grants, you need to contribute at least $2,500 per year — contributing less means leaving free government money on the table. → $2,500/year 3. The lifetime RESP contribution limit is $50,000 per child, and when your child withdraws for school, the growth and grants are taxed in their hands — not yours — so most students pay little to no tax. → $50,000 4. If your child skips post-secondary education, you can recover your original contributions — but the government grants must be returned, so the RESP works best when started early. Full 2026 RESP guide 🌐 getwealthy.blog #canadafinance #personalfinance #canadianmoneytalk #moneytips #canada
Certified Financial Planner (CFP) and Chartered Investment Manager (CIM) with over 17 years of experience in Canadian personal finance. Spent 10+ years at one of Canada's Big Five banks, the last 7 focused exclusively on high-net-worth clients. Every guide is written with the same depth I bring to real client work — Canada-specific, CRA-verified, and always free.