Regardless of your family income, the federal government will top up your annual contribution by 20%, up to $500 per year and $7,200 in total, per beneficiary. The program is called the Canada Education Savings Grant (CESG). If your family income is low, the plan may be eligible for a bigger grant. Click here for more information on the Canada Education Savings Grant.
The Canada Learning Bond (CLB) is a federal government program that helps lower-income families pay for their children’s post-secondary education. If you qualify for and receive the Canada Child Benefit, you can apply for the CLB. The bond provides up to $2,000 for your child’s education in an RESP, whether or not you have saved any money of your own in it. For more information on the CLB, click here.
To learn more about preparing for your child's education with RESPs and government programs, book a chat with one of our financial planning experts from Journey Wealth.