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This page provides information about Registered Education Savings Plans (RESP), including the different types of plans, the process of opening an RESP and requesting the education savings benefits, where to find an RESP promoter, and guidance on how to select an RESP Promoter.
Employment and Social Development Canada (ESDC) provides an incentive for parents, family and friends to save for a child's post-secondary education by paying a grant based on the amount contributed to a registered education savings plan (RESP) for the child.
In doing so, the promoter must ensure that the subscriber (s) fill out the proper application in relation to the chosen savings incentive (Canada Education Savings Grant (CESG), Canada Learning Bond (CLB) and/or British Columbia Training and Education Savings Grant (BCTESG) and Quebec Education Savings Incentive (QESI)).
BCTESG is a $1,200 one-time grant per eligible beneficiary with no financial contribution necessary. When an eligible child turns 6 years old, the subscriber may be able to apply for the grant, up until the day before their 9th birthday. Can one child be the beneficiary of more than one RESP? Yes.
18 maj 2024 · RESPs are eligible for government grants (re: Free Money) of up to $7,200. In this post, we’ll fill you in on all the basics of RESPs, from how (and where) to set up an RESP, and how to maximize your RESP contributions. What is an RESP? (Registered Education Savings Plan)
The RESP is a cornerstone of education savings for Canadian families given tax deferred plan growth and access to Canada Education Savings Grants (CESGs), Canada Learning Bonds (CLBs) and various provincial education savings programs for plan beneficiaries.
29 wrz 2023 · When you contribute to the RESP, the federal government will add the Canada Education Savings Grant (CESG). The annual grant is calculated based on the subscriber’s income. With careful planning, this could boost your RESP savings by up to $7,200 (the lifetime CESG limit).
