News and events

Fact Sheet: RESPs and grants August 2015

Total RESP assets in Canada grew to $44.4 billion in 2014—an increase of 9.6% from 2013.
Annual RESP contributions in Canada grew to $4.07 billion in 2014—an increase of 3.6% from 2013.
In 2014, the average annual RESP contribution in Canada was $1,490.
In 2014, the average annual RESP contribution in B.C. was $1,687—second highest in the country after Nunavut; however, this figure has increased only 3% over the last five years.

The Canada Education Savings Grant adds 20% to the first $2,500 of annual RESP contributions each year (up to $500 a year), up to a lifetime maximum of $7,200 per beneficiary.
In 2014, the Canada Education Savings Grant participation rate in B.C. was 52.6%, with 439,696 of 835,213 eligible children participating (and 395,517 eligible children not participating).
In 2014, the Canada Education Savings Grant participation rate in Canada was 48.5%.
To date, the Canada Education Savings Grant program has paid out almost $1.3 billion to B.C. families and almost $9 billion to Canadian families.

The Canada Learning Bond offers a $500 RESP contribution to children from low-income families, plus an additional $100 every year until age 15, up to a maximum of $2,000 (no contribution required).
In 2014, the Canada Learning Bond participation rate in B.C. was 36.7%, with 96,197 of 261,860 eligible children participating (and 165,663 eligible children not participating).
In 2015, the Canada Learning Bond participation rate in Canada was 31.6%.
To date, the Canada Learning Bond program has paid out just over $80 million to B.C. families and $605 million to Canadian families.

Source: Employment and Social Development Canada

Announced in 2013, the British Columbia Training and Education Savings Grant provides a one-time provincial incentive of $1,200 available to children born on or after January 1, 2007.
Parents with children born between January 1, 2007 and August 15, 2009 can apply for the new grant starting August 15, 2015—and must apply before August 14, 2018.
Parents with children born after August 15, 2009 need to apply between their child's sixth and ninth birthdays.
Parents do not need to contribute to an RESP to receive this grant, but do need to open an RESP before their child turns seven.

In 2014, 379,120 students in Canada withdrew $3.04 billion from their RESPs to help pay for school, representing about 19 per cent of all post-secondary students.
In 2014, the total amount withdrawn from RESPs increased 10% from 2013 and the average amount withdrawn was $8,025.