According to Statistic Canada, in 2015, 2 054 943 Canadians were enrolled in post secondary education in Canadian universities and colleges. But most importantly, almost 6 out 10 students rely on financial support from their parents, family or spouse to fund their current school year.
By opening and contributing to a Registered Education Savings Plan (RESP) account while your child is young, you could receive grants from both Provincial & Federal governments helping you save for your children’s education. This can help them reduce financial barriers, improve their odd of attending post-secondary education and make it easier on your budget once they are in school.
A look at grants available (the following may vary according to family income):
• Canadian Education Savings Grant (CESG) the government will match 20% of any RESP contributions until the child turns 17 yrs old. This translate to additional 500$/yr to a lifetime grant limit of 7200$ per child.
• Quebec education Savings Incentive (QESI), the account can receive an amount equal to 10% of the net contributions paid into it, up to a maximum of $250/yr
Interested and want to know more? Don’t hesitate to contact me I will gladly assess your RESP grant potential!
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