No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
CESG, Canada Learning Bond, family vs individual plans — everything you need to know
Projected RESP at Age 18:
A Registered Education Savings Plan (RESP) is a tax-deferred account specifically designed to save for a child's post-secondary education. Contributions are not deductible, but investment growth is tax-deferred. When the funds are withdrawn as Educational Assistance Payments (EAPs), they are taxable in the student's hands — typically at a very low rate since students have minimal other income.
The most powerful feature of the RESP is government grants that top up contributions:
The basic CESG matches 20% of the first $2,500 contributed per year — up to $500/year per beneficiary. The lifetime basic CESG limit is $7,200. Additionally, low and middle income families receive additional CESG:
| Family Net Income (2026) | Additional CESG on First $500 | Total Annual CESG (on $2,500 contrib) |
|---|---|---|
| $53,359 or less | 40% extra = $200 | Up to $700 |
| $53,360 – $106,717 | 20% extra = $100 | Up to $600 |
| Over $106,717 | No additional | Up to $500 |
CESG can be carried forward — if you miss a year's contribution, you can "catch up" on one prior year's worth of grants per year (contributing $5,000 to earn $1,000 in grants). CESG stops at age 17, with special rules for ages 16–17.
The Canada Learning Bond provides up to $2,000 in government grants to children in low-income families — with no contribution required. The CLB provides:
There is no annual RESP contribution limit — you can contribute any amount per year. However, the lifetime contribution limit is $50,000 per beneficiary. Contributions beyond $50,000 face a 1%/month penalty on the excess. Note that while there is no annual limit, CESG is only paid on the first $2,500 contributed per year.
| Feature | Individual Plan | Family Plan |
|---|---|---|
| Number of beneficiaries | One | Multiple (siblings) |
| Who can be named? | Anyone | Siblings and children related to subscriber |
| EAP flexibility | For named beneficiary only | Any named beneficiary can use EAPs |
| CESG sharing | No — specific to one child | Can be split among siblings |
| Best for | Single child or unrelated beneficiary | Multiple children — maximizes flexibility |
If the beneficiary does not pursue post-secondary education, you have several options:
RESP funds can be used for a wide range of post-secondary programs including: university, college, CEGEP, trade/vocational school, and certain foreign universities. The program must be at least 3 consecutive weeks and require at least 10 hours/week of course work or training. Part-time and distance learning programs can also qualify under certain conditions.
Earn 4.5% while you save toward your RESP annual contribution. No fees, no minimums. Code BREMO2026.
Ready to invest? Open a no-fee account first. Get $20 from KOHO with code BREMO2026 →