Receive 20% in Canada Education Savings Grants (CESG) on contributions.
Funds can be used for tuition, books, and living costs.
Investments grow tax-free until withdrawn for education.
Lifetime contribution up to $50,000 per child.
Investment growth is taxed in the child’s hands upon withdrawal, though typically at a lower rate.
Funds must be used for education; non-educational withdrawals face penalties.
Missed contributions may reduce government grants.
Excess contributions incur fines.
Parents, grandparents, or guardians for children under 18.
Up to $50,000 per child lifetime, with CESG on contributions.
Not without penalties; non-educational withdrawals may be taxed and grants repaid.
Yes, a family RESP can cover multiple siblings.
