It provides for a deposit of $500 into an RESP in the first year and $100 for each subsequent year of eligibility until the age of 15 for a maximum of $2,000. [...] With the limited uptake, the program cost only reached $151 million in 2022, less than half the amount projected at maturity by the 2004 federal budget, and the the number of beneficiaries was just short of 30 percent of the planned target, 658,000 rather than 2.2 million children. [...] To be sure, over the years, governments have sought different ways to raise awareness of the benefits of education savings, including the Canada Education Savings Program to promote knowledge and understanding of the benefits of early savings among modest-income families. [...] An annual reminder about the benefits of an RESP, and the existence of the bond program, in parents’ notices of assessment would be a minimum step. [...] For eligible individuals who turn 18 without their parents having opened an RESP, the Canada Revenue Agency should inform them of the amount to which they are entitled and open an account in their name, similar to the Canada Training Credit, so they can access the amounts.
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