Programs like the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB) can add to your savings, with extra support for eligible lower-income families.

Investment earnings grow tax-free inside the plan. When withdrawn as EAPs, they are taxed in the student's hands, often at a low tax rate.

Money can be used for tuition and other eligible costs at eligible schools in Canada and abroad.

Some provinces, such as British Columbia and Quebec, offer additional education savings incentives on top of federal programs.

Best for one child or beneficiary. Anyone can open and contribute for a single named beneficiary.

Best for families with more than one child. You can name multiple beneficiaries as long as they are related to you by blood or adoption.

No annual contribution limit. You decide how much and how often to contribute, subject to the lifetime contribution limit per beneficiary (commonly referenced as $50,000; confirm with your provider and current CRA rules).

Your contributions determine how much CESG you receive each year, up to the maximum annual and lifetime grant amounts.

Contributions above allowed limits may be subject to tax on excess contributions, so track contributions across all RESPs for the same beneficiary.

EAPs consist of grants and investment earnings and are taxable to the student, who often has a low income and may pay little or no tax.

Your original contributions can be withdrawn by you or the beneficiary, generally tax-free, because you contributed with after-tax dollars.

Options can include changing the beneficiary, transferring to another RESP, or in some cases rolling income into an RRSP or RDSP if conditions are met.

Parents and guardians, grandparents and other family members, and friends or other adults. You need a Social Insurance Number (SIN) for the subscriber and the beneficiary, plus a promoter that offers RESPs.

More time for growth, maximize grants, and reduce future debt. Every dollar saved today is one less dollar your child may need to borrow later.