When you invest in a child’s education, the government invests in that child, too.

The Canada Education Savings Grant (CESG) is available to any beneficiary who is a Canadian resident who has an RESP. The government of Canada matches 20% of RESP contributions, up to $500 in a year, to a lifetime maximum of $7,200 per child. In other words, by investing around $2,500 a year for 15 years, you could qualify for $7,200 in government grants for your loved one.

There may be additional provincial grants too, depending on your income and province. For example:

  • The Quebec government provides 10% on the first $2,500 contributed annually to an RESP by residents of Quebec, up to a lifetime maximum of $3,600. Plus, depending on your family’s income, your child’s RESP might qualify for another 5% to 10% on the first$500 contributed to the RESP each year.
  • The government of British Columbia offers a one-time $1,200 grant for children aged 6 years old up to the day before they turn 9 who live in BC and have a qualifying RESP account.
  • The Saskatchewan government had been providing 10% on the first $2,500 contributed annually to an RESP by residents of Saskatchewan, up to a lifetime maximum of $4,500. But, as of January 1, 2018, this program is on hold.

Bright Tip: Complete a Saskatchewan Advantage Grant for Education Savings (SAGES) application and submit it to your plan sponsor so it’s ready if and when SAGES is reinstated in the future.

Invest in your future engineer

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