If RESPs are great enough already, there are other benefits if your child is a resident of Quebec. You could earn up to $3,600/child as part of the Quebec Education Savings Incentive (QESI). This grant is provided as a refundable tax credit from Revenu Québec that is deposited directly into your RESP.
QESI works similar to the federal education savings grants in that you will receive a percentage based on your contributions if eligible.
For QESI, you will receive a grant equalling 10% of your annual RESP contributions – up to $250 per year, with a lifetime maximum of $3,600 per child. And, depending on your income, you can earn an extra 5-10% of the first $500 contributed each year.
Applying for the Quebec Education Savings Incentive (QESI) is easy
Just follow these simple steps:
- If you haven’t already, register the birth/adoption of your child and apply for a birth certificate
- Apply for a Social Insurance Number (SIN) for the child. You can apply through this link for a SIN
- Open a Registered Education Savings Plan (RESP)
Once an RESP for your beneficiary is set up, Embark will apply annually to Revenu Québec for the QESI monies to be paid into your RESP. You are not required to fill out any paperwork or make an application for the QESI on your income tax return.
Embark is Canada’s education savings and planning company. The organization aims to help families and students along their post-secondary journeys, giving them innovative tools and advice to take hold of their bright futures and succeed.