EDUCATION SAVINGS

To help save for a child’s future education, the government of Canada offers two education savings incentives, which are paid into a Registered Education Savings Plan (RESP).

  • The Canada Education Savings Grant (CESG) provides a base amount of 20% for the first $2,500 of annual personal contributions to an RESP (this grant is offered to all eligible recipients regardless of family income), and the additional amount of the Canada Education Savings Grant, which provides:

a) a grant equivalent to 10% of the first $500 of annual personal contributions for children from families whose adjusted income is higher than $46,605 and up to $93,208; or
b) a grant equivalent to 20% of the first $500 of annual personal contributions for children from families whose adjusted income is $46,605 or less.

The CESG is offered up to the end of the calendar year when the child turns 17. The cumulative limit, which also includes the additional amount of the Canada Education Savings Grant, is $7,200.

  • The Canada Learning Bond (CLB) is offered to eligible children from low-income families born in or after 2004, and provides an initial payment of $500 plus $100 for each year of eligibility, up to the age of 15, to a maximum of $2,000. Personal contributions are not required to receive the CLB.

See information provided by the government of Canada (in French).