Before you go — the account cannot be opened without these:
- Your child's Social Insurance Number. No SIN, no RESP, no grant. Apply through Service Canada
if you do not have one — for many newcomer families this is the step that takes the time.
- Your child's birth certificate or other proof of birth
- Your own ID and SIN
- Decide: one child (individual plan) or more than one (family plan)
What to ask, whoever you open it with:
- What are all the fees, in dollars, over a year?
- Can I change what the money is invested in later, and at what cost?
- What happens if I stop contributing for a while?
- How do I check my carry-forward grant room?
- Is my child eligible for the Canada Learning Bond, and can it be claimed for past years?
- Is there a provincial grant where I live?
The five numbers worth knowing:
| Government adds |
20% of what you contribute |
| Up to |
$500 per child per year |
| Lifetime grant cap |
$7,200 per child |
| Lifetime contribution cap |
$50,000 per child |
| Grant stops |
end of the calendar year your child turns 17 |
The one trap to know before your child turns 16:
To get any grant in the years your child is 16 or 17, you need either $2,000 already contributed,
or $100 contributed in any four earlier years — and not withdrawn. A family that opens an account
at 16 with no history gets no grant at all. $100 a year, starting whenever you can, keeps the door
open.
If you are signing a group or scholarship plan, take it home first. Ask what happens if you miss a
payment, what the total fees are in dollars, and whether the amount your child receives depends on other
families finishing. Get the answers in writing. There is no deadline that justifies signing at the table.
Full detail, with every figure dated and sourced: maplesyrupmoney.com/kids/resp
Educational information only, not financial or tax advice. Figures are the statutory amounts and some are
indexed annually — read the current figures on CRA's and ESDC's own pages before acting.