Grants Available for RBC Direct Investing RESPs

RESP contributions may qualify for grants provided by the Government of Canada and some provincial governments. Here is an overview of these grants:

Program and provider	Amount	Eligibility requirements
Government of Canada Basic Canada Education Savings Grant (CESG)	20% of up to $2,500 contributed annually (maximum $500) Lifetime limit of $7,200 per child, including the Additional CESG	Available up until the end of the calendar year in which the child turns 17 (special rules apply at ages 16 and 17) Beneficiary must have a valid social insurance number (SIN) and be a Canadian resident
Government of Canada Additional CESG	Paid in addition to the CESG Adds an extra 10% or 20% (depending on family income) on to the first $500 contributed to the RESP annually The maximum amount of CESG a child can get, including the additional amount, is $7,200	Based on adjusted net family income: Up to $100 if 2022 adjusted income is $50,197 or less ($500 x 20% = $100)* Up to $50 if 2022 adjusted income is greater than $50,197 and up to $100,392 ($500 x 10% = $50)*
Government of Canada Canada Learning Bond	$500 upon opening the RESP $100 each subsequent year for up to 15 years	Children born on or after January 1, 2004 Eligibility based on adjusted net family income and number of children
Government of Quebec Quebec Education Savings Incentive	10% tax credit paid directly to the RESP on up to $2,500 contributed annually (maximum $250)	Beneficiary must be under age 18 and a resident of Quebec

*2022 amounts; income thresholds are adjusted annually.

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