FAQ – Savings and investment – RESP

Grants are based on your RESP contributions and your family income. An RESP beneficiary is guaranteed to receive grants worth at least:

  • 30% of the RESP contributions in Quebec
  • 20% of the RESP contributions in Ontario

You can’t contribute for a while? The grants will be carried forward. You’ll still be able to receive these grants, one year at a time, by doubling your maximum contribution.

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Canada Education Savings Grant:

  • Up to $600 a year, with a maximum lifetime limit of $7,200
  • Is paid out automatically, every time you contribute
  • Varies between 20% and 40% based on your family income
Canada Education Savings Grant
Net family income Basic grant Additional grant on the
first $500 contributed
in the year
Annual maximum
$47,630 and under 20 % 20 % $600
$47,631 to $95,259 20 % 10 % $550
$95,260 and over 20 % N/A $500

Quebec Education Savings Incentive:

  • Up to $300 a year, with a lifetime maximum of $3,600
  • Is paid out automatically once a year
  • Varies between 10% and 20% based on your family income
Québec education savings incentive
Net family income Basic grant Additional grant on the
first $500 contributed
in the year
Annual maximum
$43,790 and under 10 % 10 % $300
$43,791 to $87,575 20 % 5 % $275
$87,576 and over 10 % N/A $250

Canada Learning Bond: External link. This link will open in a new window.

  • Aims to encourage low-income families to open an RESP
  • An initial $500 is provided, no contribution on your behalf is required
  • Pays out $100 annually, for every year that your child is eligible, for a lifetime maximum of $2,000

Funds1

Portfolios

Guaranteed Investments (PDF, 1.2 MB) External link. Opens in a new window

  • Guaranteed investment certificate
  • Daily interest account

1. Desjardins Funds are not guaranteed, their value fluctuates frequently and their past performance is not indicative of their future returns. Commissions, trailing commissions, management fees and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Desjardins Funds are offered by registered dealers. Back to note 1

Here’s how you can get RESP investment advice:

You can contribute to an RESP until the 31st year after it was opened. However, the grants will only be paid out up until the beneficiary turns 17. You then have until the end of the 35th year after the RESP was opened to use the funds.

BONUSDOLLARS can be redeemed to buy Desjardins financial services and products, including RESPs. Since BONUSDOLLARS are like money, you can make them work for you in many ways. Contact your caisse to do so.

 This link opens in a new window.Learn more about BONUSDOLLARS

Parents, grandparents and friends—anybody can open a Desjardins RESP. The person who opens the RESP is the subscriber and the designated child is the beneficiary. The child must have a social insurance number and be a Canadian resident.

There can be several subscribers for the same child beneficiary.

There are 2 ways to go about it:

  • At a caisse: Make an appointment with an advisor and make sure you have the child’s social insurance number with you.
  • With Desjardins Online Brokerage: If you’re comfortable investing on your own, you can open an RESP through your Desjardins Online Brokerage account.

You can withdraw from your RESP at any time.

However, there could be drawbacks to withdrawing funds if your child is not yet eligible for educational assistance payments. You could lose the government grants or you might even have to repay them, in part or in full.

You can withdraw the principal as soon as your child starts their post-secondary program. You can give it to them for their studies, transfer it to an RRSP or even keep it for yourself—it’s up to you. The money you invested is returned to you tax-free. As a post-secondary student, your child will receive educational assistance payments made up of the income earned on the investments and the government grants. Your child will have to pay taxes on this money.

Your child isn’t interested in post-secondary education?

You can name another beneficiary or transfer the funds to your own RRSP under certain conditions, in which case you’ll have to repay the grants.

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