Claiming the Québec Education Savings Incentive: Easier Than Planning Your March Break!
Claiming the Québec savings incentive (QESI) is truly easier than planning your March break. There are no forms to complete, no schedules to enclose with your income tax return or any other steps to take!
You contribute to a plan, we add to it and they benefit!
When you contribute to a child's registered education savings plan (RESP), the child may be entitled to the QESI, a refundable tax credit that is paid directly into their RESP. The credit is equal to 10% of the net annual contributions to the plan, up to a maximum of $250. It must be claimed by the RESP provider.
If you contribute $2,500 per year, up to $250 will be added to the plan under the QESI. An additional amount may be added based on your family income. In addition, the federal government contributes to the child's RESP through programs such as the Canada Education Savings Grant and the Canada Learning Bond.
For more information, see the Québec Eduction Savings Incentive.