Get government grants for education
Canada's Registered Education Savings Plan (RESP) is an excellent investment vehicle for parents who wish to save money for higher education. To get the most benefit from an RESP, families must apply for and receive the Canada Education Savings Grant (CESG).
There are two types of CESGs:
- The Basic CESG which adds 20% of eligible contributions to your education savings plan
- The Additional CESG which gives some families up to an additional 20% on RESP contributions.
The Basic CESG:
When you open a Registered Education Savings Plan, the government of Canada will match 20% of the first $2,500 you invest up to a total of $500.
The Additional CESG:
Eligible families may receive an additional 20% of the first $2,500 investment and 20% on the next $500 dollars they deposit each year. The Additional CESG increases the maximum government contribution to $600 per year.
Is my child eligible for the Canada Education Savings Grant?
If your child is under 17 and a Registered Education Savings Plan has been opened for her, she is eligible to receive the Canada Education Savings Grant. If your child is 15 or older, you must have made a total of $2,000 in RESP contributions or deposited at least $100 a year for four of the previous years to receive the grant.
Families below a certain income level are also eligible to receive the Additional CESG. As of 2010, families whose net income is below $41,544 qualify for up to $100 per year of the Additional CESG and families earning between $41,544 and $83,088 may receive up to $50 per year on top of the Basic CESG contribution.
In an effort to provide the most up-to-date and relevant information on the Canada Education Savings Grant we've included links to government web pages and further reading on the CESG, RESPs and the Alberta Centennial Savings Plan. Please bookmark or link to this page to stay current on the latest CESG information.