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What is the Registered Education Savings Plan?

The federal government has established the Canadian Education Savings Grant program. This program adds a grant of 20% of your yearly contribution to your child's RESP, up to a maximum contribution of $2,500 per year. Each calendar year your child "earns" $2,500 of CEGS eligibility. The lifetime limit for RESP contributions is $50,000. In order to receive these grants your child must have a Social Insurance Number. These grants are on a yearly basis so you must establish an RESP and make a contribution by December 31. If the beneficiary of the plan is 16 or 17 in a calendar year they will not be eligible for the grant unless an RESP was established prior to the child turning 16.

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Contren Management Consultants Inc.
1030 Upper James, Suite 204
Hamilton, Ontario. Canada L9C 6X6
Tel: (905) 769-6400
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