RESP Contribution Limit and Grants Explained

The Registered Education Savings Plan (RESP) is how Canadian families collect government grants for a child's education. This video walks through how much can go in, how the 20% Canada Education Savings Grant is calculated, the extra grant by family income, the Canada Learning Bond, provincial top-ups, and how the money is taxed on the way out. Canada only, Canadian dollars, 2026 figures. Worked examples use made-up round numbers. CHAPTERS 0:00 Up to $7,200 in grants for school 0:27 What an RESP actually is 1:06 How much can go in 1:33 The 20% grant, with an example 2:15 Extra grant by family income (2026) 2:59 Catching up on missed years 3:39 The Canada Learning Bond 4:27 Provincial top-ups: QC, BC, SK 5:08 Taking the money out 5:51 How long a plan can stay open 6:12 Going over the $50,000 limit 6:36 Who this helps, and the short version SOURCES Official: CRA: Registered Education Savings Plans contributions — https://www.canada.ca/en/revenue-agen... (retrieved 2026-10-04) ESDC: How much money can be added to Registered Education Savings Plans — https://www.canada.ca/en/services/ben... (retrieved 2026-10-04) ESDC: Notice #1114: Revised income brackets for the Additional CESG for calendar year 2026 — https://www.canada.ca/en/employment-s... (retrieved 2026-10-04) ESDC: Notice #1138: Revised income brackets for the Canada Learning Bond (CLB) for the July 1, 2026 to June 30, 2027 benefit year — https://www.canada.ca/en/employment-s... (retrieved 2026-10-04) CRA: Registered education savings plan (RESP) Bulletin No.1R3 — https://www.canada.ca/en/revenue-agen... (retrieved 2026-10-04) ESDC: Managing the Registered Education Savings Plan, taxes and transfers — https://www.canada.ca/en/services/ben... (retrieved 2026-10-04) ESDC: InfoCapsule: Saskatchewan Advantage Grant for Education Savings (SAGES) — https://www.canada.ca/en/employment-s... (retrieved 2026-10-04) ESDC: Notice #966 - Saskatchewan Advantage Grant for Education Savings (SAGES) cancellation — https://www.canada.ca/en/employment-s... (retrieved 2026-10-04) Provincial programs (Quebec, British Columbia) are run by the provinces — check the province's own page for current terms. WHAT IS LEO DECODED? Leo Decoded is a faceless, data-driven financial education channel built to cut through market hype, algorithm bait, and generic guru advice. We provide objective, plain-language breakdowns of personal finance, statutory tax laws, and long-term wealth mechanics across Canada, the United States, and global markets. Navigating personal finance should not require decoding complex tax codes or paying high institutional fees. Leo Decoded transforms complex legislation from governing revenue bodies into transparent, visual frameworks. Every contribution limit, deduction threshold, and account rule we present is cross-referenced with official statutory guidance, providing the verified receipts behind every number. DISCLAIMER Educational content only — not tax, legal, or investment advice. Verify with the CRA or a licensed professional. Rules change by tax year. This video is general education about how the rules work. It does not consider your personal situation. Figures are for 2026 and the July 2026 to June 2027 benefit year, and they change. For a specific withdrawal, an over-contribution, or a family living or filing taxes outside Canada, speak with a qualified tax professional. #RESP #EducationSavings #CanadianPersonalFinance