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RESPs Contribution Limit

A Registered Education Savings Plan (RESP) offers a secure investment opportunity for your child's education. Choose the best RESP that suits your needs.

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There is no annual limit for contributions to a child’s RESP, but there is a lifetime contribution limit of $50,000. While it is possible to contribute the full $50,000 when opening the RESP and enjoy tax-free growth, it is important to note that only the first $2,500 of that amount will be eligible for the CESG grant. By contributing the full amount, you would be forfeiting at least $6,700 in government grants. 

It is also important to consider the lifetime contribution limit if multiple RESP accounts are opened for the same child, such as when both parents and grandparents open RESPs in the child’s name.

Exceeding the $50,000 limit will result in penalties by the CRA - the excess amount will be subject to a 1% monthly tax until it is withdrawn.

Find the best RESP in Canada

Watch your child's educational savings grow faster, when you invest your money in an RESP