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.
to FAQs Main Page