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Fact Sheet: RESPs and grants

Total RESP assets in Canada grew to $47 billion in 2015—an increase of 5.9% from 2014.
Annual RESP contributions in Canada grew to $4.27 billion in 2015—an increase of 4.2% from 2014.
In 2014, the average annual RESP contribution in Canada was $1,504.
In 2014, the average annual RESP contribution in B.C. was $1,708—second highest in the country after Nunavut; however, this figure has increased only 4% 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.
The Additional Canada Education Savings Grant adds an additional 10% or 20% to the first $500 put into the RESP each year depending on the child's primary caregiver's net family income.
In 2015, the Canada Education Savings Grant participation rate in B.C. was 53.9%, with 451,774 of 838,301 eligible children participating (and 386,527 eligible children not participating).
In 2015, the Canada Education Savings Grant participation rate in Canada was 50.1%.
To date, the Canada Education Savings Grant program has paid out $1.4 billion to B.C. families and $9.7 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 2015, the Canada Learning Bond participation rate in B.C. was 38.3%, with 111,117 of 290,136 eligible children participating (and 179,019 eligible children not participating).
In 2015, the Canada Learning Bond participation rate in Canada was 33.1%.
To date, the Canada Learning Bond program has paid out just over $95 million to B.C. families and $722 million to Canadian families.

The British Columbia Training and Education Savings Grant provides a one-time provincial incentive of $1,200 available to children born in 2006 or later.
The earliest you can request the grant is when your child turns six. After that, you may apply any day before their ninth birthday.
Parents do not need to contribute to an RESP to receive this grant, but do need to open an RESP and apply for the grant before their child turns nine.

In 2015, 395,027 students in Canada withdrew $3.27 billion from their RESPs to help pay for school, representing about 19 per cent of all post-secondary students.
In 2015, the total amount withdrawn from RESPs increased 3% from 2014 and the average amount withdrawn was $8,283.