Skip to main content
MENU

RESP Grants and Bonds

One of the main benefits of using a Registered Education Savings Plan (RESP) to save for a child’s post-secondary education is the government assistance given in the form of grants, bonds and incentives. Take a look at what’s available, and how you could qualify.

Canada Education Savings Grant (CESG)

Who Qualifies

Any eligible RESP beneficiary under age 18. Beneficiaries must be residents of Canada and have a Social Insurance Number (SIN).

Annual Government Payment

The government matches 20% on the first $2,500 contributed annually to an RESP, to a maximum of $500 per year.

Maximum Contribution

The maximum total CESG the government will give is $7,200 per beneficiary.

Canada Learning Bond (CLB)

Who Qualifies

Children who are from modest income families and who are born after December 31, 2003.

Initial Government Payment

A $500 CLB is provided by the government.

Annual Government Payment

CLB installments of $100 per year are paid until age 15, as long as the children's family continues to meet income tax thresholds.

Maximum Government Payment

The maximum CLB payable per child is $2,000.

Provincial Government Incentives

Who Qualifies

Residents of Quebec.

Annual Tax Credit

Lower-income families are eligible for an increased tax credit of 5% or 10% on the first $500 of annual RESP contributions.

Who Qualifies

Residents of B.C. enrolled in a post-secondary education or training program.

One-Time Grant

The B.C. government will pay a one-time $1,200 grant to an RESP beneficiary who meets residency and other eligibility criteria.

Who Qualifies

Residents of Saskatchewan.

Applies to RESP contributions made on or after January 1, 2013.

Note: due to temporary suspension of the program, SAGES payments will not be made after 2017.

Annual Contribution

The government of Saskatchewan matches 10% of RESP annual contributions in SAGES amounts, up to a maximum of $250 per beneficiary per year, until the end of the calendar year in which the beneficiary turns 17.

Ready to Invest?

Open or contribute to an RESP today!

Invest in an RESP Purchase a Different Investment

Please consult your advisor and read the Fund Facts if you are considering purchasing mutual funds before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual fund securities are not guaranteed or covered by the Canada Deposit Insurance Corporation or by another government deposit insurer. For funds other than money market funds, unit values change frequently. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in a fund will be returned to you. Past performance may not be repeated. Royal Mutual Funds Inc. is licensed as a financial services firm in the province of Quebec.
Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.