How the RESP government grant actually works in BC

A Registered Education Savings Plan (RESP) combines tax-deferred investment growth with direct government grants that match a portion of your contributions for your child’s post-secondary education.

Through the federal Canada Education Savings Grant (CESG), the government matches 20% on the first $2,500 contributed each year—up to $500 per year per child (or up to $1,000 per year if you are catching up on unused grant room from previous years, to a lifetime maximum of $7,200).

Families in British Columbia can also apply for the $1,200 BC Training and Education Savings Grant (BCTESG) between a child’s sixth and ninth birthday, with no matching contribution required.