RESP Explained (2026): How the $7,200 Grant Works in Canada

RESP explained for Canadians: how a Registered Education Savings Plan works in 2026, how the Canada Education Savings Grant adds up to $7,200 per child, and what happens to the money if your child doesn't go on to study after high school. In this video: How the CESG works: 20% on the first $2,500 a year, extra for lower- and middle-income families, $7,200 lifetime Starting late: catch-up limits of $1,000 a year, and the age-15 rule that can end the grant at 16 and 17 The Canada Learning Bond, Quebec and B.C. grants, how withdrawals for school are taxed, and what an unused RESP costs ⏱ Chapters 0:00 RESP explained: the $7,200 grant 0:36 What an RESP is: the three pots 1:55 How the CESG grant adds up 3:54 Starting late, and the age-15 trap 5:47 Canada Learning Bond, Quebec and B.C. 7:54 Taking money out for school (EAPs) 9:03 If your child doesn't study after high school 11:00 Trade-offs and our take 12:02 Three takeaways 📚 Sources (figures as of October 2026) Canada.ca, Registered Education Savings Plans: https://www.canada.ca/en/services/ben... Canada.ca, Canada Education Savings Grant: https://www.canada.ca/en/services/ben... Canada.ca, Estimating benefit amounts (2026 CESG brackets, 2026–27 CLB thresholds): https://www.canada.ca/en/services/ben... CRA, Canada Learning Bond: https://www.canada.ca/en/revenue-agen... Canada.ca, Canada Learning Bond automatic enrolment: https://www.canada.ca/en/services/ben... CRA, RC4092 Registered Education Savings Plans: https://www.canada.ca/en/revenue-agen... CRA, RESP frequently asked questions: https://www.canada.ca/en/revenue-agen... Canada.ca, Paying for education using the RESP: https://www.canada.ca/en/services/ben... Canada.ca, Managing the RESP: https://www.canada.ca/en/services/ben... ESDC, Canada Education Savings Program 2025 Annual Statistical Review: https://www.canada.ca/en/employment-s... Revenu Québec, Determining the QESI amount: https://www.revenuquebec.ca/en/citize... B.C. Budget and Fiscal Plan 2026/27–2028/29 (BCTESG ends April 1, 2028): https://www.bcbudget.gov.bc.ca/2026/p... CRA, 2026 tax rates and brackets: https://www.canada.ca/en/revenue-agen... Examples use fictional people. Jordan and Sam: 34, Ontario, $85,000 each, 2026 marginal rate 29.65%. Daniel: 58, Nova Scotia, $95,000. Rosa: 30, Manitoba, $45,000. Growth uses an example rate of 3%, not a quote or a prediction. The 54% figure is the share of children aged 0 to 17 who had ever received the CESG by the end of 2025. ⚠️ Disclaimer: This video is for general educational purposes only and is not financial, tax, investment or legal advice. Rules and figures change. Confirm current details at canada.ca or with a qualified professional before making decisions. AI tools were used to produce narration and some visuals. All research and analysis is our own. #RESP #PersonalFinanceCanada #CESG