To help save for a child’s future studies, the Government of Canada provides two education savings incentives, which are deposited into a Registered Education Savings Plan (RESP).
CESG is available until the end of calendar year in which the beneficiary turns 17, and the maximum lifetime amount, including the additional amount of Canada Education Savings Grant, is $7,200.
RESPs are the only savings vehicle that attract the federal and, where applicable, provincial education savings incentives. The money saved in an RESP is not only used to help with tuition, but can also be used to pay for housing, transportation and other education-related expenses, such as textbooks, equipment, supplies, etc., once enrolled in post-secondary education.
2018 marks the 20th anniversary of the CESG: since 1998, almost 6.04 million children have received 11.5 billion dollars in CESG to help make post-secondary education more accessible.
For additional information, please find:
For more information, visit: canada.ca/education-savings