Saving for Your Child’s Education

The Canada Education Savings Grant (CESG) is a grant from the Government of Canada to help you start saving for your child’s education after high school.

When you save in your child’s Registered Education Savings Plan (RESP), the Canada Education Savings Grant could add up to $200 on the first $500 you save annually, and up to $400 on the next $2,000.

The maximum lifetime grant that the federal government can give to your child is $7,200. Your child can use the money for full-time or part-time studies in an apprenticeship program, trade school, CEGEP, college or university. Over three million children have already received this grant.

Who receives CESG?

Children up to age 17 are eligible to receive the Canada Education Savings Grant as long as they are Canadian residents and an RESP has been opened for them.

How to get CESG

  • Obtain a SIN for your child, even babies are eligible! There is no fee although a birth certificate is required.
  • Open an RESP account — contact Money Advisors for more information

How much money do I need to put in the RESP?

No matter how little you save in your child’s RESP account, the Government of Canada will pay the CESG. You, your family and friends can also put money into your child’s RESP. Even savings of $5 a week can add up quickly, especially with the CESG is added to your savings. The sooner you start saving, the more your savings will grow.

What is the maximum CESG my child can receive?

Between $500 and $600 per year and $7,200 total lifetime grant.

What if my child does not continue education post-high school?

The RESP can stay open for up to 36 years. If your child does not continue education right after high school, the money can be used if your child returns to school at a later time. If the money is not used 36 years after the RESP is opened, the amount you saved goes back to you and the CESG may be used for a brother or sister’s education. Your money can be withdrawn at any time.

Money Advisors Inc.

235 Montreal Rd. Suite 100
Ottawa, ON
K1L 6C7
(613) 695-7526

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