The government of Canada wants an educated society to ensure we can compete with other countries and keep our future workforce strong.

In order to support this there are three types of government grants that you may be able to access for your children’s education.

The three types of grants that you could access do depend on the province you live in and your household income. I have simplified this and provided links below to learn if your children are a good fit for the grants.

1. Canada Education Savings Grant (CESG)

20% ANNUAL grant to ALL RESP accounts to a max of $7,200 per child.

2. Canada Learning Bond (CLB)

an EXTRA one-time amount of $2,000 per child for modest income earners.

3. Provincial Education Savings Program

BC: one-time $1,200 per child (time sensitive, look at chart in link below)

Sask: currently suspended

If you have children, then this is a reminder to put money into their RESP before December 31st to get the 20% grant to the annual max of $500.

To access the full $500 grant you would need to contribute $2500 per child, per year.

This is a huge amount given the stock market returns historically over a long period of time works out to be about 10% annually.

Essentially, you could open an RESP, contribute $2,500 each year per child to get the 20% grant.

Please take advantage of this for your children. Even if you have no money then at least open an RESP and get the $1,200 Canada learning bond that can be invested for your child until they go to post-secondary.

If you need any help with this talk to your bank or email me at info@dollardame.ca.