The Government of Canada introduced the Canadian Education Savings Grant (CESG) to encourage Canadians to save for their children’s post-secondary education.
- The Government of Canada will contribute an additional 20% to the RESP on the first $2,500 deposited each year. However, for families with low to moderate incomes, the grant amount is higher on the first $500 contributed:
- 40% if family income is under $39,065
- 30% if family income is $39,065 – $78,130
- 20% if family income is over $78,130
- To be eligible the beneficiary must be a Canadian resident 17 years of age or younger with a social insurance number (special rules apply for beneficiaries age 16 and 17).
- The maximum grant amount is $7,200 per child.
(note: family income amounts are updated every year)
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