Determining the QESI Amount
Each year, a registered education savings plan (RESP) account can receive an amount equal to 10% of the net contributions paid into it over the course of a year, up to a maximum of $250. The net contributions for the year correspond to the contributions paid in the year that were not withdrawn from the RESP at the time the trustee applied for the tax credit.
In addition, since 2008, accumulated rights from previous years can increase the basic amount, up to a maximum of $250 per year. However, the basic amount cannot exceed $500 per year.
Example of the calculation of the credit to which accumulated rights are added:
To help low-income and middle-income families, an amount of up to $50 per year, calculated on the basis of family income, may be added to the basic amount.
Example of the calculation of the credit to which an amount is added:
Under the Québec education savings incentive (QESI), the total cumulative amount that can be granted to a beneficiary (for all of the beneficiary's RESPs) cannot exceed $3,600.