Lesson RESPs 101

Québec Education Savings Initiative - QESI

Learn about the Québec Education Savings Initiative (QESI).

RESPs are great account vehicles for helping children (or beneficiaries) pay off their post-secondary student expenses. Simply put, as a Canadian, when you contribute to an RESP account, the federal government will match your contribution up to a certain amount per year. The government of Québec has gone beyond the federal grant by offering an additional provincial grant on top of the federal one to its residents, called QESI (Québec Education Saving Incentive).

  • The grant is capped at 10% of the first $2,500 deposit per year, per beneficiary
  • QESI is maxed at $250 per year, per beneficiary
  • The lifetime maximum grant maximum payout is $3,600 per beneficiary

QESI grants are paid once a year directly into the RESP account. Typically, the provincial government of Québec will pay by September of the following contribution year. However, if there are any issues (i.e. the name of the beneficiary not matching what the government has on file) that payment can be delayed.

For more information, feel free to visit Revenu Québec.

Note: The information in this blog is for educational purposes only and should not be used or construed as financial or investment advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied, is made by Questrade, Inc., its affiliates or any other person to its accuracy.

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