Determining the QESI Amount
Basic amount
For a given taxation year, a registered education savings plan (RESP) can receive an amount equal to 10% of the net contributions paid into it over the course of a year, up to $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 The net contributions for the year correspond to the contributions paid in the year that were not withdrawn from the RESP at the time the trustee applied for the tax credit.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 $250 per year. Conditions apply. However, the basic amount cannot exceed $500 per year.
Additional amount
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.
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.
Payment date
The QESI amount is paid once a year, in May. The financial institution or other RESP provider requests payment within 90 days after the end of the year for which the QESI is requested.
Contact your financial institution or provider directly to find out when the QESI amount will be paid into the RESP.