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 get up to $7,200 in government grants for your loved one.

The Canada Learning Bond (CLB) provides eligible families $500 right off the bat when an RESP is opened. Plus, you would get an extra $100 a year for each year you qualify up to a total of $2,000. The CLB is another way the government helps lower-income families start saving right away. It isn't tied to how much you contribute to your plan. The child’s education savings grow even if you don’t have money to invest.

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

  • QESI - 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.
  • BCTESG - 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.

Introduce your friends to CST Spark! 

Whether you love how easy we make it to manage your RESP online or get government grants, let your friends in on the benefits of a CST Spark RESP too.