Written by: Kaleido
The Quebec Education Savings Incentive was established in 2007 by the Quebec Government to encourage families to save for the post-secondary education of their children.
The QESI is a refundable tax credit that is paid directly into a child’s RESP for their post-secondary education.
You’re wondering whether your child is entitled to receive the QESI? It’s very simple. To be eligible, your child must meet the following four conditions:
If you want to benefit from the QESI, simply choose an RESP provider that offers this incentive.
For example, you could go with:
This is also pretty straightforward. The basic QESI equals 10% of your annual contribution in an RESP, up to a maximum of $250 each year.
Unused grants from previous years can be added to the basic amount of the annual grant, for a total of $500 per year maximum.
That’s everything you need to know!
Let’s take this scenario: you’re the proud parent of a child for whom you opened an RESP with a provider that offers the QESI—which is very important! When your little one was born in 2016, you started saving for post-secondary education by contributing the following sums:
You should know that if you’re a low- or middle-income family, you could receive an additional QESI amount (5 or 10%) on the first $500 you contribute:
The QESI is meant especially for parents who wish to save for their children’s post-secondary education. Best-case scenario, the total QESI amount paid for your child could reach a maximum of $3,600.
All in all, the Quebec Education Savings Incentive significantly boosts your contributions. Don’t miss out!
Download our short summary guide to learn all about the generous government grants associated with RESPs.
1. Special conditions apply if the child is 16 or 17 years old at the end of the taxation year. See our prospectus.
2. Family income thresholds for low- and middle-income households for determining the rate of financial assistance granted by the QESI for 2023, indexed annually.