Read this if:

  • You are <15 and don't have a RESP, especially if your family has low income.
  • You have not turned 17 yet, have a RESP and some money available to contribute.

HOW THE RESP WORKS​ and how you can catch up

CATCH UP WITH YOUR resP

​​​​Family / other contributions

A subscriber (parents, grandparents, legal guardian / any person really) can open a RESP for you (the 'beneficiary')  at any time and contribute money to it.  The money will grow faster than in a taxable account because of the tax deferral (no tax on income in the RESP). 

  • There is a lifetime maximum of $50,000 in contributions but no annual limit.
  • The last calendar year your family can contribute is when you turn 17.

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Canada Education Savings Grant

Under this program the government will contribute 20% of your family contribution each year, up to a maximum of $500 (and a little more for lower-income families).  There is a lifetime maximum of $7,200. 

  • For example, if your family contributes $100 per month ($1,200 per year), your grant would be $240, or 20% of 1,200).
  • To get the maximum grant, your family would have to contribute $2,500 each year (500 is 20% of 2,500) for about 15 years (7,200 divided by 500). 

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​How to catch up on the Canada Education Savings Grant

​If you haven't turned 15 yet (specifically, you have time until the end of the calendar year when you turn 15)...

  • If the $500 yearly maximum is not reached in a given year, the subscriber can catch up later.  But each year the catch-up is limited to $500 (so including this year's grant the maximum is $1,000).
  • If you were born before 2007 and are catching up, remember that before 2007 the maximum grant was $400 and the maximum contribution to get it $2,000 (compared to current $500 and $2,500, respectively).


​​​Calendar year when you turn 17 is the last year when this grant is available to you.​  If you're catching up, to be eligible in the calendar years in which you turn 16 and 17, you need to already have a RESP because one of two additional conditions must be met:

  • At least $2,000 must have been contributed before the end of the year when you turned 15 and remain in the account, or
  • At least $100 must have been contributed in each of the years prior to the year when you turn 15 (and remain in the account).



Canada Learning Bond

Students from low-income families are eligible for up to $2,000 under this program even if their families are unable to make RESP contributions (if the family makes a contribution, they'll also receive the the Canada Education Savings Grant). 

  • There is an initial $500 grant, followed by $100 each year the family is eligible, up to and including the year in which the student turns 15. 
  • You can catch up on years in which you were eligible (based on family income) even in the last year). 
  • This program also contributes $25 to any costs of setting up a RESP account.
  • The subscriber needs to apply for the grant when opening the account.  Eligibility, based on family income, must be confirmed each year.


How to catch up on the Canada Learning Bond

​The last year in which you can get this grant is the calendar year when you turn 15.

  • You need to open a RESP account and, when opening, apply for the grant.



​Provincial grants

Some provincial governments have additional RESP grants. You should research them separately to see if you can catch up.  The bank where you're opening or have the RESP account should be able to help you.


Government program rules sometimes change so always do your own research: 

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4092.html

If you need to arrange to open a resp for yourself


You'll need to ask your parent / primary caregiver / grandparent / any person willing to help you to go with you to the bank and act as a subscriber for your RESP.  This is necessary even if they are not making contributions and you're opening the account only to benefit from the Canada Learning Bond Program.


You'll most likely open a savings account or buy a GIC for a few years such that it matures when you go to a post-secondary program and will need the money.

  • If you are applying for the Canada Learning Bond, the program contributes $25 to any set-up fees.
  • Even if you are asked to pay a registered account fee, ask the banker if they could waive it. They may.​


​Opening a registered account / buying a registered GIC is similar to opening a similar non-registered account.

  • If you are opening it at an institution that does not know you, you’ll be asked the same general questions.
  • If you are already a client, the form you’ll be signing will likely be populated with this information already, though the bank will always want to confirm that none of the information has changed.
  • You will need to prepare some IDs.  If you want a refresher, review the account opening steps for savings accounts / buying a GIC. 
  • You may need proof of low income if you're applying for the Canada Learning Bond - like your family's tax filings.  If you don't have those, the banker should be able to advise you - so don't hesitate to ask.