Québec education savings incentive

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, from the very earliest years.

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.

Person who contributes in an education savings plan do not have to request for a refundable tax credit in his or her income tax return. It is the trustee designated by the registered education savings plan provider who must apply to Revenu Québec for the Québec education savings incentive.

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 per year.

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 February 2007.

• Québec Education Savings Incentive (QESI) (PDF, 174 KB)