Short answer
Open an RESP early, contribute enough each year to earn the Government of Canada grant, and review it yearly. The grant adds 20% on the first $2,500 you contribute each year, up to $500 a year and $7,200 per child. Starting early gives you more years to collect it, and you can catch up on missed years.
Next step: Use the RESP grant finder at https://ironmarkfinancial.ca/calc-resp-grant.html to get your own number. It is no-cost and takes about two minutes.
How do I open an RESP?
Anyone can open an RESP for a child, including parents, grandparents and other relatives. You open it with a financial institution of your choice. The child needs a Social Insurance Number to receive government money.
How much should I contribute to get the full grant?
To receive the Canada Education Savings Grant (CESG), you must contribute. The basic grant is 20% of the first $2,500 each year. Saving $2,500 a year works out to about $208 a month, and the grant adds $500.
Can my family get extra grant money?
The Government of Canada adds more for lower and middle-income families, based on adjusted family net income for 2026:
| Family income | Extra on first $500 | Most you can get in a year |
|---|---|---|
| Less than $58,523 | 20% ($100) | $600 |
| $58,523 to $117,045 | 10% ($50) | $550 |
| More than $117,045 | None | $500 |
Source: Government of Canada. Lifetime maximum of $7,200 per child in every case.
Families with low income may also qualify for the Canada Learning Bond, up to $2,000 per child, with no contributions needed.
Can I catch up on missed RESP grants?
If you cannot reach $2,500 in a year, the unused grant room carries forward until the end of the year your child turns 17. When you have extra, you can contribute more in one year and earn the 20% grant on up to $5,000.
How often should I review my RESP?
Once a year, check how much you contributed, how much grant you received and how much room is left. Grandparents who want to help can contribute too. If your income changes, your grant amount may change.
Should I use a TFSA instead?
A TFSA is more flexible, but it does not earn government grants. See our comparison of RESP vs TFSA for kids.
Are the rules different for Ontario families?
The Government of Canada page lists extra provincial benefits only for British Columbia and Québec. Ontario families use the federal grant and bond. Whether you live in Burlington, Oakville, Milton or Halton Hills, the rules are the same.
Frequently asked questions
How much does the government add to an RESP?
The CESG adds 20% of the first $2,500 contributed each year, up to $500, with a lifetime maximum of $7,200 per child. Lower and middle-income families can receive more each year.
When should I open an RESP for my child?
As early as you can. The CESG is available until the end of the calendar year the child turns 17, and starting early gives you more years to earn it.
Do I need a Social Insurance Number for my child?
Yes. The child must have a SIN to be named as a beneficiary and receive the CESG or CLB.
Is there an Ontario RESP grant?
The Government of Canada page lists extra provincial RESP benefits only for British Columbia and Québec. Ontario families use the federal CESG and CLB.
Who can contribute to my child's RESP?
Anyone can be a subscriber and open or contribute to an RESP, including grandparents, relatives and friends.
What is the fastest way to get my own number?
Use the RESP Grant Finder at https://ironmarkfinancial.ca/calc-resp-grant.html. It answers the question: How much will the Government of Canada add to my child's RESP? It is no-cost with no obligation.
Sources and further reading
- How much money can be added to an RESP (Government of Canada)
- Education savings, RESP (Government of Canada)
Figures were checked against these pages on October 26, 2026. Limits and benefit amounts change, so confirm the current numbers with the source.
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This article is general education, not personal advice. Rules can change, so check the official sources above. In Ontario, life insurance quotes are prepared by a licensed life insurance agent.
Keep reading
Should I save for my child in an RESP or a TFSA?
An RESP can earn Government of Canada grants for school. A TFSA is flexible. See how each works for kids' savings in Canada, with 2026 figures and sources.
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