How to use this page: Read the simplified explanation first, then use the official links below before acting.
What the government site is saying
- An RESP is a registered contract involving a subscriber, a promoter, and one or more beneficiaries.
- The subscriber contributes money, the promoter administers the plan, and eligible beneficiaries may later receive educational assistance payments.
- Federal benefits can include CESG and CLB when eligibility and application requirements are met.
What families usually need to know first
- Open the plan with a provider that supports the benefits you want.
- Track personal contributions across all RESPs for the same beneficiary.
- Understand the difference between your contributions, grants, and investment growth before withdrawing.
What to confirm before acting
- Whether the beneficiary has the required SIN and residency status.
- Whether the provider supports basic CESG, additional CESG, CLB, and any provincial incentive.
- Whether a withdrawal, transfer, or plan closure could trigger grant repayment.
Official sources
CRA Registered Education Savings Plans overview
Canada Revenue Agency · checked 2026-05-23
RESP contributions
Canada Revenue Agency · checked 2026-05-23
Canada Education Savings Grant
Canada Revenue Agency · checked 2026-05-24
Canada Learning Bond
Canada Revenue Agency · checked 2026-05-24
Opening an RESP and applying for benefits
Canada.ca · checked 2026-05-24
Managing an RESP
Canada.ca · checked 2026-05-23