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REGISTERED EDUCATION SAVINGS PLAN (RESP)

The Ministry of Education wishes to bring to the attention of parents this information regarding 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’seducation after secondary school. You may not be aware that when an RESP account is opened for a child, the Government of Canada adds money to the account through two special savings incentives, the Canada Education Savings Grant 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 an additional $100 per year up to the age of 15 for those who open an 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.

Brochures on these programs are available on the HRSDC websites: 

Registered Education Savings Plan

Canada Education Savings Grant

Canada Learning Bond
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