This website promotes the Canada Learning Bond, but did you know that there are other grants available once you open a Registered Education Savings Plan?
Canada Education Savings Grant (CESG)
The CESG is a grant from the Canadian government that matches 20% of the first $2,500 contributed to a RESP each year. The annual maximum is $500, and the lifetime limit is $7,200 per beneficiary. Lower-income families may be eligible for an additional CESG.
Additional Canada Education Savings Grant (A-CESG)
Lower income families could receive additional matching funds. Depending on the family’s income, the matching rate can be 10% or 20% on the first $500 contributed each year.
Canada Learning Bond (CLB)
The CLB is a grant for children in lower-income families that are born in 2004 or later. The Canadian government provides an initial amount of $500 and an additional $100 for each year the family is eligible, up to a maximum of $2,000. There are no contributions are required to receive the CLB.
Provincial Education Savings Incentives
At this time, two provinces offer additional education savings incentives. The Quebec Education Savings Incentive matches up to 10% of contributions made to a RESP, up to a maximum of $250 per year.
The British Columbia Training and Education Savings Grant offers a one-time grant of $1,200 to eligible RESPs.
