When you put money into an RESP, the Government matches part of your contribution with a grant. A bond is also available for lower income families without having to contribute their own money.
You can set up an RESP for your family and have multiple children set up as beneficiaries or you can set up an individual plan with only one beneficiary.
Free money from the Government you say? We aren’t kidding around about this. Here are some of the available grant & bond options:
A one-time $1,200 RESP grant to eligible children between the ages of 6 to 9 years old who meet the following criteria:
All families are entitled to receive 20% of every dollar on the first $2,500 contributed annually until the beneficiary turns 17.
Lower income families can receive a higher grant percentage.
Family net income
CESG on first $500 contribution
CESG on $501 to $2,500
Maximum annual CESG
|Up to or equal to $49,020||40% = $200||20% = $400||$600|
|Between $49,021 to $98,040||30% = $150||20% = $400||$550|
|Over $89,401||20% = $100||20% = $400||
Families qualify based on net family income and can receive the bond without having to contribute their own money. Lower income families with a beneficiary born after Dec 31, 2003 can apply to receive:
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Use the RESP calculator to estimate how much you need to contribute to reach your savings goals.
Save for short-term and long-term expenses, with no tax on withdrawals.
Save for the lifestyle you want in retirement, with tax advantages.
Build long-term financial security for a person with disabilities.