According to the latest figures from Statistics Canada, Canadians invested a total of about five billion dollars in registered education savings plans (RESPs) in 2019, for an average contribution of $1,581 per plan. This was up slightly from total contributions of about $4.9 billion last year.
Breaking it down among the provinces and territories, Nunavut had the highest average contribution at $1,833. At the other end of the spectrum, New Brunswick’s average contribution was $1,241.
Note that the RESP has a plan lifetime contribution limit of $50,000 for each beneficiary.
The following sources were used to prepare this article:
Statistics Canada, “Canada Education Savings Program: 2019 Annual Statistical Review.”