Having an RESP lets you and your child qualify for government grants paid directly into the beneficiary’s RESP.
The government wants you to save for your child’s education, so it rewards you with free grant money when you save regularly into your RESP. Over the lifetime of your RESP, the government gives you 20 cents on every dollar you save, up to $7,200 per child, or even more in some provinces or income brackets.
Use this grant calculator tool to find out the maximum amount of government grants that your child is eligible for, and how much you need to contribute to optimize your grants.