Contribute even more to your child’s future with government grants.
Only an RESP is eligible for government grants, which truly makes it the best way to save for post-secondary education. The Canada Education Savings Grant can contribute up to $7,200 to your child’s future. Depending on your financial situation and your province, other education grants can add even more.
Here are the government grants that are currently offered:
Canada Education Savings Grant
With the Canada Education Savings Grant (CESG), the Government of Canada could provide up to $7,200 over the lifetime of your RESP. You will receive 20% of your annual contributions, up to $500 per year, on the first $2,500 you contribute. Depending on your income, the Additional Canada Education Savings Grant (A-CESG) can add 10-20% more on the first $500 that you contribute each year, up to an extra $100 annually.
Canada Learning Bond
If you qualify for the National Child Benefit Supplement (NCBS), you are eligible to receive the Canada Learning Bond. The Government of Canada will give qualified children an initial $500 grant, followed by $100 grants every year until they turn 15, providing up to $2,000 for post-secondary education.
British Columbia Training and Education Savings Grant
Residents of British Columbia can earn more with the British Columbia Training and Education Savings Grant (BCTESG), a one-time grant that provides parents with an additional $1,200 for each child born after January 1, 2006. No matching or additional contributions are required. You just need to apply for this grant when your child is between the ages of 6 and 9.
Quebec Education Savings Incentive
The Quebec Education Savings Incentive (QESI) is a refundable tax credit program offered by the Government of Quebec. If eligible, you will receive a grant for 10% of your annual RESP contributions – up to $250 per year, with a lifetime maximum of $3,600 per child. Depending on your income, you can earn an extra 5-10% of the first $500 contributed each year.
Saskatchewan Advantage Grant for Education Savings
With the Saskatchewan Advantage Grant for Education Savings (SAGES), the Government of Saskatchewan provides its residents with a 10% grant on the first $2,500 they contribute to an RESP (with a maximum of $250 per child per year). You can apply for this grant until December 31 of the year your child turns 17. The maximum lifetime SAGES grant is $4,500 per child.
At Knowledge First Financial, we are proud to offer all available federal and provincial government grants for our customers. And as new grants are announced, we will evolve our services to help you make the most of every opportunity.