R.E.S.P. for your child’s University or College

Most, but not all parents are aware of the Registered Education Savings Plan (RESP) which is a special savings account that can help parents, family or friends start saving now for a child’s education after secondary school.  Fewer, however, are aware that when an RESP account is opened for a child, the Government of Canada adds money to the account through two special saving incentives, the Canada Education Savings Grand and the Canada Learning Bond.

The Canada Education Savings Grant provides grants up to a maximum lifetime of $7,200 depending on parental income and the amount of parental contributions.  The Canada Learning Bond provides an outright grant of $500 plus and additional $100 per year up to age 15 for those who open and RESP account even if parents are unable to add any of their own contributions to the account.  To qualify for this grant parents must be eligible to receive the National Child Benefit Supplement.

As is often the case with targeted initiatives, those who would benefit the most are often unaware hesitant to take advantage of these programs.  In 2009 just over 40% of Canadian families with children received the Canada Education Savings Grant and fewer than 20% of eligible families received the Canada learning Bond.

Most, but not all parents are aware of the Registered Education Savings Plan (RESP) which is a special savings account that can help parents, family or friends start saving now for a child’s education after secondary school. Fewer, however, are aware that when an RESP account is opened for a child, the Government of Canada adds money to the account through two special saving incentives, the Canada Education Savings Grand and the Canada Learning Bond.

The Canada Education Savings Grant provides grants up to a maximum lifetime of $7,200 depending on parental income and the amount of parental contributions. The Canada Learning Bond provides an outright grant of $500 plus and additional $100 per year up to age 15 for those who open and RESP account even if parents are unable to add any of their own contributions to the account. To qualify for this grant parents must be eligible to receive the National Child Benefit Supplement.

As is often the case with targeted initiatives, those who would benefit the most are often unaware hesitant to take advantage of these programs. In 2009 just over 40% of Canadian families with children received the Canada Education Savings Grant and fewer than 20% of eligible families received the Canada learning Bond.

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One response to “R.E.S.P. for your child’s University or College

  1. Mr.Cowper, to tell u the truth………………………

    I HAVE NO IDEA WHAT UR TALKING ABOUT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!