Invest in Their Dreams, Empower Their Future with RESP

An RESP is a powerful way to save for your child’s or grandchild’s post-secondary education. It offers tax-deferred growth and partial matching from the federal government.

An RESP helps you save for your kid’s post-secondary education. It can hold various investments.

Parents, grandparents, relatives and friends can contribute money any time into an RESP – up to a lifetime total of $50,000 per child.

 Any qualifying investments you have within an RESP grow tax-free until they’re withdrawn. When money is withdrawn, the educational assistance payment is taxable in the hands of your low-income/no-income child, not you.

The Canadian government provides two main types of grants to help families save for their children’s post-secondary education through a Registered Education Savings Plan (RESP): the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB).

The CESG is a grant that provides a 20% match on the first $2,500 in annual RESP contributions, up to a maximum of $500 per year per child. This means that if you contribute $2,500 to your child’s RESP in a given year, the government will contribute an additional $500 in CESG funds.

The CLB is a grant that provides up to $2,000 in RESP contributions for eligible children born after December 31, 2003. The CLB provides an initial $500 grant and an additional $100 per year for up to 15 years, as long as the child remains eligible.

In addition to these grants, the government also provides a carry-forward provision for the CESG, which allows you to carry forward any unused grant room from previous years to a future year, as long as the child is still eligible.

It’s important to note that there are some eligibility requirements for these grants, such as the child being a Canadian resident and having a valid Social Insurance Number (SIN). The amount of government contributions to an RESP will depend on the contributions made by the account holder and the eligibility for grants.

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Can you use an RESP for an apprenticeship?
Here are some things you can do with your RESP if your child doesn’t go to school:
• Keep the RESP open in case your child chooses to enrol later.
• Transfer the RESP to another child.
• Transfer funds from the RESP in to a registered retirement savings plan (RRSP).
• Yes, in order to receive the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB), you need to apply for them through your Registered Education Savings Plan (RESP) provider.
• When you open an RESP for your child, you will need to provide their Social Insurance Number (SIN) and fill out the necessary forms to apply for the grants. Once your application is processed and approved, the government will provide the grant funds directly to your RESP account.
• It's important to note that there are certain eligibility requirements for both the CESG and CLB. For example, to be eligible for the CESG, the RESP beneficiary must be a Canadian resident with a valid SIN and under the age of 18. The amount of the grant will also depend on the contributions made to the RESP.
• For the CLB, the child must be born after December 31, 2003, and the family must be receiving certain government benefits, such as the National Child Benefit Supplement or the Guaranteed Income Supplement. The amount of the CLB will depend on the family's income level and the eligibility requirements.
• So, to ensure that you receive the maximum amount of government grants for your child's education, it's important to apply for the CESG and CLB as soon as possible and to make regular contributions to the RESP.