A Registered Education Savings Plan is a plan that will help you fund your child’s secondary education. This plan is flexible and is a tax-deferred investment. It can help you secure your children’s future. When you open an RESP you will receive grants from the federal and provincial governments which can help you pay for your child’s secondary education.
What are the government grants available for an RESP?
The Canada Education Savings Grant (CESG) is a grant from the Government of Canada that is paid directly into the child’s Registered Education Savings Plan (RESP). In this grant the government adds 20% to the first $2,500 that is made into a RESP on behalf of an eligible beneficiary each year. For more information, speak to a member of our team now. We are here to help you with all your requirements.
CLB Canada Learning Bond
This grant is offered to assist low-income families. Here $500 deposited at plan opening by the government whether or not the parent makes contributions. Also an additional $100 deposited every year until the beneficiary’s 15th birthday.
QESI Quebec Education Savings Incentive
Every child in Quebec is entitled to the basic 10% QESI. Here the grant money is deposited directly into your child’s RESP account. It has an annual limit of $250 per child. QESI is offered to modest and middle income families. The Grant money is deposited directly into your child’s RESP account.
Eligibility for the Canada Education Savings Grant
The Government of Canada helps and contributes towards your effort to save. It deposits substantial grants directly into your RESP.