Q and A: How long can I contribute to an RESP? And how long can I collect the CESG on behalf of my child?

Question:

How long can I contribute to an RESP (Registered Education Savings Plan)? And how long can I collect the CESG (Canada Education Savings Grant) on behalf of my child?

Answer:

Generally speaking, you can contribute to a family plan as long as the beneficiaries are less than 31 years of age at the time of contribution. While there is no annual limit for contributions, the maximum lifetime contribution per beneficiary is $50,000.

The CESG is more restrictive. Your child is only eligible to receive the CESG for contributions made up to the end of the calendar year in which they turn 17 years of age. The lifetime maximum CESG is $7,200, and there are limits as to how much can be credited in any given year. The maximum CESG per beneficiary is $500 per year, or $1,000 if there is unused grant room from a previous year.

There are additional education savings incentives (the additional CESG and the Canada Learning Bond) available for children of low-income families.