Education Planning

• RESP
• CESG

Financial Planning

Canada Education Savings Grant (CESG)
RESPs are even more attractive when you consider the federal government's Canada Education Savings Grant (CESG), which was designed to encourage you to save for your child's education. On the first $2,500 of annual RESP contributions that you make for each child up to and including the year they turn 17, the government will contribute an extra 20 per cent directly to the RESP. The maximum CESG available for any single year is $500 (20 per cent of $2,500). The maximum lifetime CESG for each beneficiary born after 1997 is $7,200.

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Note: The comments included in the publication are not intended to be a definitive analysis of tax law: The comments contained herein are general in nature and professional advice regarding an individual's particular tax position should be attained in respect of any person's specific circumstances.