Start Saving Now for September: Your RESP Checklist Before the School Year Hits

 

Canadian Money Brief · Family Finance

September feels a long way off on July 1. That's exactly why now is the right time to look at your child's RESP — not in late August when the school supply list arrives and the grant math gets rushed.

If you have a Registered Education Savings Plan (or you've been meaning to open one), here's what to check right now, and why the calendar year — not the school year — is what actually matters.

Why July, Not August

The Canada Education Savings Grant (CESG) — the government's 20% match on RESP contributions — runs on the calendar year, not the school year. Grant room for 2026 resets on a January-to-December basis, and it doesn't carry any special "back to school" deadline. But summer is genuinely the best time to check your numbers, for three reasons:

• You still have six full months left in the year to top up if you're behind.
• Contributions made now have more time to grow before your child needs the money.
• You avoid the December scramble, when many parents realize they've missed grant room entirely.

The CESG Math, in Plain Numbers

This is the single best guaranteed return available to Canadian families, and it's worth restating clearly:

RESP Detail	Amount
CESG match rate	20% of contributions
Contribution that earns max annual grant	$2,500/year
Max CESG per year (no carry-forward)	$500
Max CESG per year (with carry-forward room)	$1,000 (on $5,000 contributed)
Lifetime CESG cap per child	$7,200
Lifetime RESP contribution limit per child	$50,000

CESG is paid regardless of family income. Lower-income households may also qualify for an Additional CESG top-up and the Canada Learning Bond, which requires no contribution at all.

Three Things to Check This Month

1. Did you use last year's grant room? If you contributed less than $2,500 for your child in 2025, the unused room carries forward — but only up to an extra $2,500 in a single year (for a max $1,000 CESG that year). Check your notice from the RESP provider or call them directly.

2. Is your child 15, 16, or 17? This is the one deadline that actually matters. To receive CESG at ages 16 and 17, a beneficiary must meet one of two conditions before the end of the year they turn 15: at least $2,000 was contributed and not withdrawn, or a minimum $100 was contributed in at least four earlier years. If your child is approaching 15 and you haven't opened an RESP yet, this year matters more than most.

3. Are you on track for the $50,000 lifetime cap? There's no rush to hit it, and CESG only matches the first $2,500 contributed per year regardless of how much more you put in. A steady $2,500/year from birth is the strategy that captures the full $7,200 in grants without overcontributing.

Don't Have an RESP Yet?

It's never too late to start, but earlier is always better — grant room and growth time both compound. Opening one takes about 20 minutes at your bank or with an online brokerage, and you just need your child's Social Insurance Number. A family RESP (multiple children, shared grant tracking) or an individual RESP (one child, more flexible) are both worth comparing before you pick a provider.

The Bottom Line

Back-to-school spending gets all the attention in late August — backpacks, shoes, supply lists. But the money move that actually compounds over years is a five-minute RESP check-in, done now, while there's still runway left in the calendar year to catch up on grant room.

Quick tip: Set a recurring contribution of at least $208/month ($2,500/year) if you can — it's the exact amount that captures the full $500 annual CESG without leaving free money on the table.