The Québec education savings incentive ( QESI) is a tax measure that encourages Québec families to start saving early for the education of their children and grandchildren.
This measure consists of a refundable tax credit that is paid directly into a registered education savings plan ( RESP) opened with a financial institution or with another registered education savings plan provider that offers the Québec education savings incentive. The list of providers is available on the Revenu Québec website.
The trustee designated by your registered education savings plan provider must apply to Revenu Québec for the Québec education savings incentive.
Your RESP provider still has not made it possible for you to benefit from the QESI?
Beginning January 1, 2011, any contributions you made to an RESP from February 21, 2007, to December 31, 2010, for which you have not claimed the QESI can be transferred to an RESP provider that offers the QESI.
Clientele
People who contribute to a registered education savings plan ( RESP) and seeking the incentive Québec education savings incentive ( QESI).
Conditions
To be entitled to the QESI the child must meet all of the following conditions:
- be less than 18 years old;
- have a social insurance number;
- be a resident in Québec on December 31 of the taxation year;
- be the designated beneficiary of the RESP.
Basic amount
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.
Since 2008, any benefits accrued during previous years can be added to the basic amount, up to a maximum of $250.
Increase in the amount
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.
Note
A beneficiary cannot be granted a cumulative amount of more than $3,600 for all of the RESP of which he or she is the beneficiary.
The tax measure has been in effect since 2007.
