This is the maximum amount that a beneficiary can receive per year. The lifetime maximum is $3,600. The beneficiary must be a resident of Quebec.
The Québec education savings incentive (QESI) is a tax measure that encourages Québec families to start saving early for the education of their children and grandchildren. The incentive, which went into effect on February 21, 2007, consists of a refundable tax credit that is paid directly into a registered education savings plan (RESP) opened with a financial institution or with another RESP provider that offers the QESI.
To be eligible for QESI, the child must meet all of the following conditions:
Be less than 18 years old
Have a Social Insurance Number (SIN)
Be resident in Québec on December 31 of the taxation year
Named as a beneficiary on a Registered Education Savings Plan (RESP)
For beneficiaries over 15 years old, contributions must be validated by HRSDC for the 16/17 year rule requirements before applying for QESI
Each year, an RESP can receive an amount equal to 10% of the net contributions paid into it over the course of a year, up to a maximum of $250 based on the first $2,500 of net contributions. In addition, as of 2008, any benefits accrued during previous years can be added to the basic amount, up to a maximum of $250.
Increase in the Amount
To help low-income families, an increase of up to $50 per year, calculated on the basis of family income, may be added to the basic amount. The 10% Additional QESI will be paid on the first $500 of contributions if net family income is less than or equal to $41,935 (2015). The 5% Additional QESI will be paid on the first $500 of contributions if net family income is between $41,935 to $83,865 (in 2015).
Annual: Grant of 10% on your annual RESP contributions, up to $250 per year. In addition, as of 2008, any benefits accrued during previous years can be added to the basic amount, up to a maximum of $250. The annual QESI grant is potentially $500 per year.
Lifetime: $3,600 maximum per beneficiary.
Amount is based on a $2,500 annual contribution
This is the maximum amount that a beneficiary can receive per year. The lifetime maximum is $4,500. The beneficiary must be a resident of Saskatchewan.
The Saskatchewan Advantage Grant for Education Savings (SAGES) is an incentive program from the Government of Saskatchewan to encourage people to save for post-secondary education through a Registered Education Savings Plan (RESP).
Saskatchewan residents are eligible for SAGES from birth to the end of the year in which they turn 17 years old. In addition, they must:
Be a resident of Saskatchewan at the time of the contribution
Have a valid SIN
Be named as a beneficiary on a Registered Education Savings Plan (RESP)
For 16 & 17 year old beneficiaries of an RESP who are eligible for SAGES, one of the following conditions must apply before SAGES will be paid:
A minimum of $100 in annual RESP contributions must have been made (and not withdrawn) in any four years before the end of the calendar year the beneficiary turned 15 years old; or
A minimum of $2,000 in RESP contributions must have been made (and not withdrawn) before the end of the calendar year the beneficiary tuned 15 years old
No minimum contribution is required to receive SAGES.
The Government of Saskatchewan matches 10% of subscriber contributions, up to a maximum of $250 per child per year.
A SAGES payment is limited to $500 per beneficiary per year. As a result, a subscriber can catch up on unused SAGES by making a contribution of up to a maximum of $5,000 in RESP contributions each year.
The lifetime SAGES limit per beneficiary is $4,500.
One-time grant that is payable after the beneficiary’s sixth birthday
The beneficiary must be born in 2007 or later and reside in BC with their parent or guardian to be eligible.
The British Columbia Training and Education Savings Grant (BCTESG) is an incentive program from the Government of British Columbia to encourage people to save for post-secondary education through a Registered Education Savings Plan (RESP).
To be eligible for BCTESG, the child must:
Be born in 2007 or later. However, Budget 2016 allows children born on or after January 1, 2006 to participate in the BCTESG program. This is expected to be available in late 2016
Be a resident of British Columbia. Note, the subscriber must also reside in BC
Be a beneficiary of an RESP with a participating financial institution
The earliest someone can request the grant is when the child turns six years old. They may apply any day before the child turns nine years old.
The following chart provides a timeline for eligibility, as established by the BC Training and Education Savings Program for a beneficiary at a participating financial institution.
Application period for eligible children
1st day of eligibility
1st day to apply
Last day to apply
Child's 6th birthday in 2013
August 15, 2015
August 14, 2018
Child's 6th birthday in 2014
August 15, 2015
August 14, 2018
Child's 6th birthday in 2015
August 15, 2015 OR day the child turns 6 (whichever is later)
August 14, 2018 OR day the child turns 9 (whichever is later)
2010 or later
Day the child turns 6
Day the child turns 6
Day before the child turns 9
Eligible RESP beneficiaries will receive a grant of $1,200.
Within 6-8 weeks after the application is made, processed and approved by Employment and Social Development Canada (ESDC), a one time grant of $1,200 will be deposited into the RESP beneficiary’s account.
Speak to your financial advisor for more information about RESPs and investing with Mackenzie Investments.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.