How RESP government benefits can help your education savings grow
In the first article in this series, we looked at how an RESP can help families save for education after high school. In this article, we look at one of the best perks of opening an RESP—the government programs that can help boost your savings.
Saving for your child’s education can feel like one more big goal on an already full list. Between everyday expenses, activities, groceries, and the surprises that come with family life, it’s easy to wonder how education savings can fit into the budget.
That’s where a Registered Education Savings Plan, or RESP, can help. In addition to offering families a place to save for post-secondary education, an RESP may help your child qualify for government benefits that can add money to their education savings.
For most families, those benefits are one of the biggest reasons to start.
Why government benefits matter
When you contribute to an RESP, your child’s plan may qualify for the Canada Education Savings Grant, commonly called the CESG. In addition, eligible children from lower-income families may also qualify for the Canada Learning Bond, or CLB. Together, these government grants for RESPs can help eligible families add more to their child’s education savings.
These RESP grants and benefits are here to make saving for education easier. They can boost the money you’re already putting aside, and sometimes, you can get help even if you can’t start saving right away.
That can make a meaningful difference. You can start with small monthly contributions, add a little extra when the budget allows, and receive eligible grants or bonds along the way. Over time, those pieces can work together to help your RESP savings grow.
The Canada Education Savings Grant
The Canada Education Savings Grant is a federal government grant that adds money to eligible RESP contributions.
The basic CESG provides 20% on eligible contributions, up to $500 per year, and up to a lifetime maximum of $7,200 per beneficiary. If unused grant room is available, eligible families may be able to receive up to $1,000 in CESG in one year. Eligibility for the CESG stops at the end of the calendar year the beneficiary turns 17.
Here’s a simple example: if you contribute $2,500 to an RESP in a year and qualify for the basic CESG, the government may add $500 to your child’s RESP. That means your child’s education savings can grow without requiring an additional $500 from your own budget.
For parents who are trying to balance today’s costs with tomorrow’s goals, that extra boost can help education savings feel more within reach.
What if you started later?
If you didn’t open an RESP when your child was young, it may still be worth exploring your options. You may be able to use unused grant room and receive extra support in later years, making it possible to catch up and boost your child’s plan. Starting later can still make a positive impact.
Unused CESG room can be carried forward. That means eligible families may be able to catch up on some missed grant opportunities in future years. In some cases, you may be able to receive up to $1,000 in CESG in a single year to catch up in one year when unused grant room is available.
This can be helpful for families who start saving when their child is older, or for those who could only contribute smaller amounts in earlier years. Starting early can give you more time to make use of available grant room, but it’s not the only way to make progress.
Additional CESG
Some families may also qualify for additional CESG based on family income.
The amount available depends on the beneficiary’s primary caregiver’s adjusted income and current government eligibility requirements. Eligible families may receive an additional 10% or 20% on the first $500 contributed each year, depending on income and government rules.
Even if you’re not sure whether your family qualifies, asking the question is worthwhile. Many families are focused on getting the RESP opened and making contributions, but checking for eligible government benefits can help ensure you’re not missing out on available support based on your income.
Adjusted Family Net Income
$58,523 or less
- Extra Grant % on First $500: +20%
- Total Match Rate on First $500: 40%
- Max Annual Extra Grant: $100
- Max Overall Yearly Grant (with Basic CESG): $600 (Total)
$58,524 to $117,045
- Extra Grant % on First $500: +10%
- Total Match Rate on First $500: 30%
- Max Annual Extra Grant: $50
- Max Overall Yearly Grant (with Basic CESG): $550 (Total)
Over $117,045
- Extra Grant % on First $500: 0%
- Total Match Rate on First $500: 20% (Basic rate only)
- Max Annual Extra Grant: $0
- Max Overall Yearly Grant (with Basic CESG): $500 (Total)
Canada.ca (2026)
The Canada Learning Bond
The Canada Learning Bond is another federal government benefit designed to help eligible children from lower-income families save for education after high school.
Eligible children may receive:
- $500 when they first qualify
- $100 for each additional year of eligibility
- Up to a lifetime maximum of $2,000
One of the most important things to know about the CLB is that personal RESP contributions are not required to receive it. An RESP must be opened, and eligibility requirements apply, but families do not need to contribute their own money to receive the bond.
That makes the CLB especially valuable for families who may want to start saving but don’t currently have room in their budget for regular contributions. Opening the plan can be an important first step.
To qualify for the CLB, a child must meet certain eligibility requirements, including family income guidelines that vary based on the number of children in the household. Eligible youth can open their own RESP and retroactively claim the CLB until the day before they turn 21.
The Government of Canada has announced that, starting in April 2028, eligible children born in 2024 or later may be automatically enrolled for the CLB if they meet the requirements and are not already named as a beneficiary of an RESP by age four.
For more information on the CLB and eligibility, call 1-800-O-CANADA.
Government benefits can help small savings go further
One of the encouraging things about RESPs is that progress doesn’t have to happen all at once.
That’s why an RESP is less about having one large amount ready today and more about creating a plan that builds over time.
The key is consistency. Small, manageable contributions can add up, especially when your savings have more time to grow and when eligible government benefits are included.
Don’t leave available support on the table
Families put in a lot of effort to give their kids a bright future. With a little help from government RESP benefits, it’s easier to grow your child’s RESP savings and feel good about reaching your goals.
No matter your child’s age, it’s a good idea to check ahead to see what they might be eligible for. Even if you’re starting with a small amount or simply opening an RESP to apply for the Canada Learning Bond, taking that step can help create more options for the years ahead.
This article is part two of a three-part RESP series. In the next article, we’ll look at how to withdraw your RESP when the time comes to shift from savings plan to a source of support.
Start with a conversation
An SCU advisor can help you open an RESP, apply for eligible government grants and bonds, and choose savings or investment options that fit your family’s goals.
To learn more, call SCU at 1.800.728.6440 or book an appointment online to speak with an SCU advisor.
Frequently asked questions about RESP government benefits
How long can I keep an RESP open?
In most cases, an RESP can stay open for up to 35 years after the year it is opened. Some specified plans may stay open longer if eligibility requirements are met and the plan allows it.
How long can I contribute to an RESP?
Contributions can be made for up to 31 years after the year the RESP is opened. Contribution rules may vary for specified plans. Ask your wealth advisor.
How long is my child eligible for the Canada Education Savings Grant?
The Canada Education Savings Grant is available until the end of the calendar year the beneficiary turns 17, as long as eligibility requirements are met. Special contribution requirements apply for beneficiaries who are 16 or 17.
Are there exceptions?
Yes. Specified plans may apply in certain situations involving beneficiaries who qualify for the disability tax credit. These plans can generally stay open for up to 40 years, with contributions allowed for up to 35 years, if the plan allows it.
Do RESP savings affect student loans or bursaries?
RESP withdrawals are intended to help support education costs. Students may still be eligible to apply for government student loans, bursaries, and other financial assistance, but rules can vary by province, territory, and program.
If your child plans to apply for student aid, it’s a good idea to review the application requirements and confirm how RESP withdrawals should be reported. An SCU advisor can also help you understand RESP withdrawal options.
Do I have to contribute to get the Canada Learning Bond?
No. Personal RESP contributions are not required to receive the Canada Learning Bond, but an RESP must be opened, and eligibility requirements apply.
How much CESG can my child receive?
The basic CESG may add 20% to eligible contributions, up to $500 per year, with a lifetime maximum of $7,200 per beneficiary. Additional CESG may also be available for eligible families based on income.
Can I catch up on missed RESP grants?
Unused CESG room can be carried forward, and eligible families may be able to receive extra CESG in a future year. Rules depend on the beneficiary’s age, contribution history, and current government requirements, so it’s a good idea to ask an advisor before making a catch-up contribution.
