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Education Planning FAQs

We have looked to answer some of the most common questions asked when preparing an education plan. If you have any specific questions send us an email and we would be pleased to help.

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Are there saving programs that are specific to education funding??

Yes, the most common is the Registered Educational Savings Plan (RESP). In addition, the use of an In Trust Account has advantages when saving towards future education funding.

What is the Canada Education Savings Grant (CESG)?

The Federal Government introduced the CESG where a grant of 20% is paid into the beneficiary's RESP for every dollar that you contribute into the plan to a maximum of $2500, which would yield a maximum grant of $500 per year until the year of the beneficiary's 17th birthday.

What is the Additional Canada Education Savings Grant (CESG)

The Additional Canada Education Savings Grant could add:

$100.00: if net family income is $43,561 or less ($500 x 20% = $100)
$50.00:  if net family income is between $43,562 and $87,123 ($500 x 10% = $50)

What expenses are covered from the RESP?

The funds can be used for tuition, housing, transportation, books, supplies and other incidentals relating to the student's education.

How much can you contribute?

The maximum combined contribution from all subscribers to each beneficiary is $5,000 a year to a lifetime maximum of $50,000.

Additional Information
Benefits of Education Planning
  • Open a tax advantaged account
  • Earn tax sheltered growth
  • Take advantage of grant deposits
  • Apply for a Canada Learning Bond
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