Canada Education Savings Grant - Overview
The Canada Education Savings Grant is money the Government adds to your child's Registered Education Savings Plan (RESP) to help their savings grow. After high school, your child can withdraw the money to help pay for either full-time or part-time studies:
- in an apprenticeship program;
- at a CEGEP;
- at a trade school;
- at a college; or
- at a university.
How the Canada Education Savings Grant works
To receive the Canada Education Savings Grant (CESG), a Registered Education Savings Plan (RESP) must have been opened for the child. (Anyone can put money into an RESP for any child; you do not have to be the child's parent.)
The basic CESG provides 20 cents on every dollar you contribute, up to a maximum of $500 on an annual contribution of $2,500. If you cannot make a contribution in any given year, you may be able to catch up in future years. See Carry Forward Room.
This grant is available up until the end of the calendar year in which the child turns 17.
Depending on the child's primary caregiver's net family income, he or she may also be eligible to receive the Additional Canada Education Savings Grant (A-CESG). This grant adds an additional 10 % or 20 % to the first $500 put into the RESP each year.
To find out more, visit the Additional Canada Education Savings Grant page.
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