Test your knowledge
True or false? You have the first 60 days of 2026 to complete the registered education savings plan (RESP) contributions you want to use as an income tax deduction for 2025.
November 12th, 2025
Answer: False
Unlike amounts contributed to a registered retirement savings plan (RRSP) or first home savings account (FHSA), RESP contributions are not tax deductible. On the other hand, they do provide access to government grants. To be eligible for these grants in 2025, contributions must be made before December 31. By the way, the 60-day grace period at the start of each year only applies to RRSP contributions.
To learn more about various year-end financial decisions you might want to consider, read this article.
The following sources were used to prepare this article:
Government of Canada, “Registered Education Savings Plans (RESPs).”
