Get up to $7,200 in free grants for your child’s education.
Published September 2026 · Last reviewed: October 2026
A Registered Education Savings Plan turns your savings into more — the government adds 20¢ for every dollar you save. We help our clients set one up — free.
What the government gives you.
Three numbers explain almost the whole account:
20% free grant
The government adds $1 for every $5 you save — up to $500 a year per child.
$7,200 max per child
Total free grant money one child can receive over the years.
$50,000 lifetime
The most you can contribute per child, ever. There is no yearly contribution limit.
Simple: you save, the government tops up.
Open an RESP
For your child or grandchild — or for yourself, if you’re going back to school.
Contribute when you can
Monthly, yearly, or lump sums — there’s no annual contribution limit.
Get the 20% grant
The government deposits the grant into the account automatically.
What you get out of it
- Free money you can’t get anywhere else. The 20% grant is a guaranteed return no bank account can match.
- Tax-free growth. Your money grows untouched by tax until it’s withdrawn.
- Your child pays the tax, not you. Education withdrawals are taxed in the student’s hands — usually close to zero.
- Extra help for lower-income families. The Canada Learning Bond adds up to $2,000 per child — no contributions required.
What if my child doesn’t go to school?
Your own contributions come back to you, tax-free. The grant money goes back to the government — but you can move the account to another child, or transfer the growth into your RRSP (up to $50,000).
We help our clients set this up — free.
Investment accounts are a complimentary extra for SecureMyFamily clients. Book a free consultation and we’ll walk you through it — no spam, no pressure, no data selling.
How we’re paid
Our advice costs you nothing. When you buy a policy through SecureMyFamily, the insurance company pays us a commission — the price you pay is the same as if you bought directly from the insurer. Commission levels vary by insurer and product, and we’re happy to explain exactly how we’re compensated on any product we recommend — just ask. See our licensing & disclosures.