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Canada Education Savings Grant (CESG)

For Canada Education Savings Grant (CESG) – Earn 20% on the first $2,500 you contribute annually for each beneficiary in an RESP plan.

Every Canadian Family Qualifies for 20% of the first $2,500 contributed into RESPs for each child each year up to and including the calendar year in which he or she turns 17.

Maximum contribution from CESG $7,200 per child. This means that for every $10 you save in your child’s RESP, the Government will add $2 up to a maximum of $7,200.

Additional Canada Education Savings Grants are available for another 10% - 20% plus the basic 20% Canada Education Savings Grant.

In addition to the basic Canada education saving grant, if your net family income is $43,561* or less you will receive 20% additional grant contribution on the first $500 you save in your child’s RESP. This means that for every $10 you save in your child’s RESP, the Government will add an extra $2.

If your net family income is between $43,561 - $87,123* you will receive an additional 10% on the first $500 you save in your child’s RESP each year. This means that for every $10 you save in your child’s RESP, the Government will add an extra $1.

You can catch up on missed contributions from previous years. (please see Eligibility tab for more information)

*amount to qualify indexed yearly (2013 values).

To qualify for participation in the CESG, you must fill out a CESG application form.

Your child must be a resident of Canada, age 17 or younger, and possess a social insurance number (SIN)

If your beneficiary is 16 or 17, they qualify for Basic CESG if:

  1. a minimum contribution of $2,000 is made by December 31st of the year the child turns 15
  2. a minimum of $100 is contributed during any four years prior to December 31st of the year the child turns 15.

If you do not contribute the maximum amount of money that is eligible for the CESG in any one year, you will accumulate unused CESG contribution room which can be carried forward to future years. Future contributions to your RESP will permit you to use any unused portion of your CESG contribution room to a maximum CESG of $1,000 per year. Grant carry forward (unused basic CESG amounts) accumulates for a child until the end of the year in which the child turns 17, even if the child is not a beneficiary of an RESP.