Valuable government grants are available for your child's education

Did you know that opening an RESP gives you access to money from the government? It's true. Many families miss out on the valuable contributions that are available to boost their child's education savings. 

The Canadian Education Savings Grant (CESG) from the federal government will match 20% of your contributions to your RESP, up of $500 a year. The CESG entitlement can add up to $7,200 per child. That's over $7,000 in money for your child's post-secondary education.

If you miss making a contribution one year or are late in getting started, you have the option of contributing more than the annual $2,500 later in order to retroactively claim the grants you missed out on.

To be eligible for the CESG, the RESP beneficiary must be a resident of Canada and have a valid social insurance number.

Children of low-income families can also be eligible for the Canada Learning Bond (CLB). Through the CLB, the government will contribute $500 to your child's RESP in the first year and an additional $100 per year for each year that they qualify until your child turns 15. This could add up to an additional $2,000 in grants towards your child’s RESP.

Furthermore, several provinces also offer grants as an extra incentive for saving towards a child’s post-secondary education.

Quebec                                                                                                                                                                              The Quebec Education Savings Incentive (QESI) is a tax measure which provides 10 per cent on the first $2,500 you contribute annually to an RESP, up to a lifetime maximum of $3,600.

To qualify for the QESI, recipients must be under 18 years of age, live in Quebec on December 31 of the taxation year, be the designated beneficiary of an RESP, and have a valid Social Insurance Number.

British Columbia                                                                                                                                                                The B.C. Government will contribute $1,200 to eligible children through the B.C. Training and Education Savings Grant (BCTESG).

You can apply for this grant on the day your child/beneficiary turns six years old. The last day you can apply for the grant is on the day before they turn nine. This grant is available for children born in 2006 or later who are residents of British Columbia.

Starting your child's RESP early and making regular contributions can add up to thousands of extra dollars put aside for their post-secondary education. Not only do your savings grow in a tax-sheltered environment, but there is additional money available from the federal and some provincial governments.

Don't miss out on any of the benefits your child is eligible for. Let a Sales Representative from CST Consultants help you set up the RESP that is right for your family and that accesses all of the grants available.

Valuable government grants are available for your child's education | CST Blog | C.S.T. Consultants Inc.


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