How Do I Get As Much Grant Money As Possible For An RESP?
To encourage Canadians to save for education, the Government of Canada and some provincial governments offer grants for each year. They are based on how much money you pay into your child’s RESP. Together, the money you contribute plus the government grants help to boost your savings significantly.
Make it possible for your kids to succeed
The following table provides an overview grants that are available.
Canada Education Savings Grant
(CESG)
Annual Grants
(% of your contribution)
20%
Annual Maximum
(per child)
$500
Lifetime Maximum
(per child)
$7,200
Additional Grants
(% of contributions)
10% or 20% of the first $500 invested each year.
Canada Learning Bond
(CLB)
Annual Grants
(% of your contribution)
Annual Maximum
(per child)
Lifetime Maximum
(per child)
$2,000 per eligible child
Additional Grants
(% of contributions)
BC Training & Education Savings Grant
(BCTESG)
Annual Grants
(% of your contribution)
Annual Maximum
(per child)
Lifetime Maximum
(per child)
$1200
single payment
single payment
Additional Grants
(% of contributions)
Important notes:
- The Canada Education Savings Grant is available to all canadians that have an eligible RESP, not matter which province or territory you live in, or how much money you earn per year.
- The Canada Learning Bond is available to canadian families with household incomes below a specific threshold.
- The British Columbia Training and Education Savings Grant is available for families that live in BC only. The eligibility period is when children are between the ages of 6 to 9 years old only. Families are eligible regardless of household income.
Talk To An Expert
Have questions about RESPs? Looking for a second opinion? Connect with us to make sure you are confident!