Saving for your child's future can be easy.

Registered Education Savings Plans are set up through the Federal Government to help you save for your children's educations. Interest earned on an RESP is tax-free, and when your child starts using the money for school, only the accumulated interest is taxable as income.

Did you know that children with savings earmarked for education are 50% more likely to pursue a post-secondary education.1

By putting money away each year now, you can ensure that your child will have money available for post-secondary school in the future. A family can set up one plan for one or more of their children, and anyone can contribute to the account.

How much should I be saving?

Not sure how much you should be saving?  Use our RESP calculator to assist you with your savings plan.

What do I need to bring with me to open an RESP?

To open an RESP, we'll need Social Insurance Numbers (SINs) for yourself and your child and two pieces of identification for yourself (if you're not already a member).

 

Save smarter with the help of Government programs.

The first step is to set up a RESP. Once that's done, you can apply for and receive additional funding from the Federal Government automatically for your child's education.

Canada Education Savings Grant (CESG)

Your child could receive up to $7,200 from the Government of Canada to help pay for his or her education after high school when you make regular contributions to their RESP. 

How it works:

The Canada Education Savings Grant is money the government adds to your child's Registered Education Savings Plan (RESP) to help their savings grow.  The basic CESG provides 20 cents on every dollar you contribute, up to a maximum of $500 on an annual contribution of $2,500 for each beneficiary. This grant is available up until the end of the calendar year in which the child turns 17. 

Am I eligible for the CESG?

1. The beneficiary of the RESP must be :

  • Under 17 years of age during the current calendar year (eligible every calendar year up until they turn 17).
  • Have a valid Social Insurance Number.
  • Be a Canadian resident.

2. A contribution (of any amount) must be made to the RESP in a given year to receive the CESG. To receive the maximum benefit of $500, a contribution of at least $2,500 must be made in the calendar year.

Additional Canada Education Savings Grant (A-CESG) may also apply if your net family income falls below a certain threshold. The A-CESG adds an extra 10% or 20% on every dollar of the first $500 you contribute to your RESP. Visit CanLearn.ca for more information.

 

Canada Learning Bond (CLB)

Your child could receive up to $2,000 from the Government of Canada to help pay for his or her education after high school. 

How it works:

The Canada Learning Bond is money the government adds to your child's Registered Education Savings Plan (RESP) to help you save for your child's education, much like the CESG. The main difference is you don't have to contribute anything to receive the funds. The CLB starts with a $500 contribution from the Government into your RESP when you open your account. Every year thereafter that you are eligible, the Government will contribute an additional $100 until your child turns 15.

Am I eligible for the CESG?

1. The beneficiary of the RESP must be:

  • Under 15 years of age during the current calendar year (eligible every calendar year up until they turn 15).
  • Born in 2004 or later.

2. You must qualify for the National Child Benefit Supplement with a household income of $44,701 or under (subject to change).

To learn more about the CLB and start your application Online, visit SmartSaver.org.

 

Let's talk about your child's future.

Book an appointment today and start putting more away for your child's education.

 

1Access, Persistence and Financing: First results from the Post-secondary Education Participation Survey (PEPS) Stats Canada and HRSDC, 2003