Families can help put their kids through post-secondary education with smart planning and a boost from both federal and provincial government grants and matching funds.
Canada Education Savings Grant
The Canadian Education Savings Grant (CESG) program offers a 20% bonus on the first $2,500 saved a year in a Registered Education Savings Plan (RESP), for children up to age 17. That means your child’s RESP could grow by an extra $500 each year ($7,200 lifetime maximum).
Canada Learning Bond
Lower income families who have no education savings often qualify for the Canada Learning Bond (CLB). Qualify for the CLB and add $500 to your child’s RESP instantly, and $100 each year until they turn 15. Add it all up, and it can be worth as much as $2,000 in a student’s education fund. The Bond is available for children born after December 31, 2003 into families who receive the National Child Benefit Supplement as part of the Canada Child Tax Benefit.
BC Training and Education Savings Grant
As of August 15, 2015 parents can apply for the new British Columbia Training and Education Savings Grant. With this grant the B.C. Government will contribute a grant of $1,200 to eligible children who meet the following criteria:
- Born in 2007 or later.
- At the time of application the child and a parent/guardian of the child are residents of B.C.
- At the time of application the child is the beneficiary of an RESP with a participating financial institution.