Quebec Education Savings Incentive
For those who are eligible to receive it, the Quebec Education Savings Incentive is equal to 10% of your annual RESP contribution – up to a maximum of $3,600.
Each year, a registered education savings plan (RESP) account can receive an amount equal to 10% of the net contributions paid into it over the course of a year, up to a maximum of $250.
In addition, as of 2008, any benefits accrued during previous years can be added to the basic amount, up to a maximum of $250.
To help low-income families, an increase of up to $50 per year, calculated on the basis of family income, may be added to the basic amount.
“ With the QESI, eligible children may qualify for up to $3,600.”
To be entitled to the Québec education savings incentive (QESI), the child beneficiary must meet all of the following conditions:
- be less than 18 years old
- have a social insurance number (SIN)
- be resident in Québec on December 31 of the taxation year
- be the designated beneficiary of the concerned registered education savings plan (RESP).