Québec Education Savings Incentive – You contribute to a plan, we add to it, and they benefit!
Have you considered giving a registered education savings plan (RESP) to a child on your gift list?
In addition to your contribution to an RESP, the child will receive, for every year a contribution is made until the year the child reaches 17, the Québec Education Savings Incentive (QESI), which is a refundable tax credit equal to 10% of the net annual contributions. The tax credit is paid directly to the child's RESP held by a provider.
For example, an RESP subscriber can receive up to $250 by contributing $2,500 per year and an additional amount based on family income. In addition, the federal government contributes to the subscriber's RESP through programs such as the Canada Education Savings Grant and the Canada Learning Bond.
Note that subscribers have no forms to file or other procedures to go through, because it is the RESP provider that applies for the QESI on their behalf.
For more information see the Québec Education Savings Incentive pages on our website.