RESP - Grant - CESG!

Canadian Education Savings Grants (CESG): 

This is money that is given to your child's saving into their RESP account by the Government of Canada.

Two types of CESG grants:

1. Basic/Regular CESG

• The Basic Canada Education Savings Grant will give you 20% on every dollar of the first $2,500 you save in your child’s RESP each year.
• Money: deposit $2500 every year, and get maximum $500 for that year from government
• Who Qualifies:
• Children who are Canadian residents and are named in a RESP are eligible to receive Grant amounts until the end of the calendar year they turn 17

•  Special Notes: 
• If you forget to deposit money into the account for a year, you will not get the % allocated for that year!
• The maximum lifetime grant the Government of Canada can give your child through the Canada Education Savings Grant is $7,200
• if depositing $2500 every year, you need to do this at least 15 times with you contributing $37,500
  

2. Additional Canada Education Savings Grant

• Depending on your net family income, you could receive an extra 10% or 20% on every dollar of the first $500 you save in your child’s RESP each year. 

If you used to live in Albert, there was an Alberta Advance Education Savings Plan. It is official closed/cancelled. Click here for official details.

Important Links:

Government Details on CESG