Registered education savings plan (RESP) contributions can be provided for your child or grandchild. What’s the scoop?
- Every year you can contribute $2500 per child under age 18 to this fund
- The federal government will contribute of $500 annually to your fund when you put in the maximum, and as much as $1000 when you double up two years’ contribution in one calendar year
- The federal government will contribute a maximum $7200 per child in their lifetime