CESG (Canada Education Savings Grant)

The basic CESG pays 20 cents on every dollar contributed to an RESP, capped at $500 per beneficiary per year and $7,200 over the child’s lifetime. To hit the maximum, contribute $2,500 per year. Unused grant room carries forward but you can only claim a maximum of $1,000 of grant in a single year, so starting late costs you. Lower-income families also get an Additional CESG of 10% to 20% on the first $500 contributed, plus the Canada Learning Bond (up to $2,000 with no contribution required). Grants stop the year the child turns 17.