Canadian families can qualify to receive 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. The 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 $46,605* 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 greater than $46,605 but not more than $93,208* 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.
“ With the CESG, eligible children may qualify for up to $7,200.”
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).
Children who are 16 or 17 years old may be eligible to get the CESG. To be eligible, they must meet at least one of the following conditions before the end of the calendar year they turn 15:
- a minimum contribution of $2,000 is made by December 31st of the year the child turns 15
- a minimum of $100 is contributed during any four years prior to December 31st of the year the child turns 15.
You can catch up on missed contributions from previous years.
*amount to qualify indexed yearly (2018 values).