Here are the Top RESP Grants and Benefits
Many of our readers know that an RESP is a great way to save for your kids’ schooling. You put money in, up to a limit of $50,000. Even better, so does the government!
But applying for grants can be a pain! Provincial grants in particular can come and go. They get re-named. Canceled. Reinstated. The payouts and the requirements change, depending on the whims of whoever got elected in your province. Who wants to manage all that red tape? Not you.
That’s where we come in.
CI Direct Investing does the RESP grants paperwork for our clients. We’ll fill out the forms and make sure to get your signature on it, you get the money. Easy, peasy!
Here are the benefits we can help you apply for:
Canada Education Savings Grant (CESG)
Every family in Canada qualifies for the CESG. Get an extra 20 cents on every dollar you contribute each year (up to $500 in grants per beneficiary each year). There’s a lifetime limit of $7,200.
Additional CESG. If you are a low-to-middle-income family, you may also be eligible for an additional grant, up to 20% extra on the first $500 you contribute each year!
British Columbia Training and Education Savings Grant (BCTESG)
The BC government will kick in $1,200 to your RESP for your kids, who become eligible when they turn 6, through the BCTESG. You and your child beneficiary need to be residents of British Columbia to get this perk.
Quebec Education Savings Incentive (QESI)
The QESI is a refundable tax credit that helps you save up for your kids’ or grandkids’ education. The maximum cumulative amount you can get from the QESI for a beneficiary is $3,600. Not every financial adviser helps with this… but we do!
Canada Learning Bond (CLB)
Families that get the National Child Benefit Supplement can receive up to $2,000 per child from the CLB, even if they don’t contribute to the RESP! Haven’t taken advantage of this yet? You can actually open an account until the beneficiary is 21 and request past bond payments to which they were entitled. This grant is typically for lower-income families.
Canada and various provinces often make changes to the benefits that are available.
Hoping to save up for your child’s education? Talk to one of our financial advisers to find out which RESP grants you’re eligible for.