RESP grants
Don't pass up free contributions to your child's education savings. Talk to us so we can help ensure you receive the grants you may be eligible for.
BC Training and Education Savings Grant
Announced in 2013, the new British Columbia Training and Education Savings Grant is a one-time provincial incentive of $1,200 available to children when they turn six years old. Children born after January 1, 2006 are eligible to receive this grant.
You do not need to contribute to an RESP to receive this grant, but you do need to open an RESP for your child and apply before the deadline. The grant application deadline for eligible children is based on birth year.
Canada Education Savings Grant
The Canada Education Savings Grant is a grant from the Government of Canada that adds 20% to the first $2,500 of annual RESP contributions. This means that the RESP can collect an extra $500 a year (up to a lifetime maximum of $7,200 per beneficiary) towards a child's education. Depending on family net income, the CESG can increase to 30% to 40% on the first $500 of annual RESP contributions (additional benefit is referred to as Additional Canada Education Savings Grant).
This grant is based on the contributions that you make towards your RESP.
Canada Learning Bond
The Canada Learning Bond is an additional grant meant to help modest income families. The parent or guardian must be eligible to receive the National Child Benefit (NCB) supplement in order to receive the Canada Learning Bond. It is a federally-funded education savings grant, offering a one-time initial $500 contribution from the Government of Canada when an RESP is opened. A child may also qualify for an additional $100 every year until he/she turns 15 years old, up to a maximum of $2,000.
You do not have to contribute to an RESP to receive a CLB, you just need to open an RESP and apply for it.
Talk to us
Ask us about RESPs and the available government grants.
