You want to save for the cost of post-secondary education for your children, grandchildren or a child who is dear to you.
You want to easily accumulate capital, tax-free.

Outlines

Main feature: Tax-sheltered investment income

Maximum contribution: $50,000 per beneficiary for the duration of the plan

Annual contributions: There is no annual contribution limit, but a minimum contribution of $2,500 per child is recommended to maximize the 20% Canada Education Savings Grant.

Total or partial withdrawal for education: Without penalty if withdrawn for education purposes

Features


Investment options	Guaranteed Investment Certificates (GICs) Daily interest account Mutual funds
Deposit frequency	Weekly, biweekly (26 payments per year), bimonthly (24 payments per year) or monthly.
Annual basic CESG limit	$500 per beneficiary (up to a limit of $1,000 per beneficiary if sufficient grant carry forward is available).
Lifetime contribution limit	$50,000 per beneficiary
Lifetime basic and additional CESG limit	$7,200 per beneficiary
Contribution time limit	December 31 of the year the beneficiary turns 17
Plan’s Existence**	Plan can remain active up to 35 years from start date but must be terminated by the end of its 35th year.
Transfers***	If beneficiary decides not to pursue his or her studies, you may be able to transfer the RESP interests into your RRSP.

** If beneficiary is receiving a Disability Tax Credit, the plan may remain open until the end of his or her 40th year.
*** Certain conditions apply.

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