The maximum lifetime contribution to RESP is $50,000.
There is no annual contribution limit, but the government’s CESG program only covers an initial annual contribution of $2,500.
You can receive up to $500 in grants per year based on a 20% match rate. In total, Ottawa will pay lifetime CESG grants of up to $7,200 per child.
Assuming you donate $2,500 annually to qualify for matching CESG funds, your child will receive her maximum federal grant of $7,200 by the time she turns 15. It works like this:
$2,500 x 14 years: $35,000
Donate $1,000 in Year 15 for a total of $36,000
Total CESG received: ($500 x 14) + $200 for year 15 = $7,200 total grant.
As you may have noted, the total contribution required to max out government grants is much less than the maximum $50,000 amount you can contribute per child per lifetime.
Essentially, this means you can actually contribute more than $2,500 per year, even if you won’t receive matching grants on the excess amount.
Low-income families may qualify for additional CESG and the Canada Learning Bond.
Note that grants are not included in the lifetime $50,000 contribution limit.
RESP Contribution Limit Catch-Up
You can carry forward CESG-eligible contributions to the following year up to a maximum of $2,500.
For example, in 2026, you can contribute $2,500 (for a $500 grant) and also contribute up to another $2,500 from the previous year i.e. 2021 (for an additional $500 grant).
Based on how the RESP contribution carry-forward rule works, the maximum CESG you can get in any one year is $1,000 and the extra CESG only applies to unused contributions from the previous year.
RESP Contribution Deadline
Contributions to an RESP can continue for 31 years and the plan can stay open for 36 years, after which it expires.
This leaves enough time for your child to go to school and use the funds.
RESP money can be used to pay for the following:
- Trade school
- University
- College
- Apprenticeship program
If your child does not pursue post-secondary education or your funds remain in the RESP after it expires, there are several options you can consider.
The annual RESP contribution deadline is on December 31st.