RESP

Registered Education Savings Plan (RESP)

A beneficiary with a Registered Education Savings Plan (RESP) may be eligible for the Canada Learning Bond (CLB) and the Canada Education Savings Grant (CESG). There are also provincial benefits available to eligible beneficiaries in British Columbia and Québec.

The CESG can provide up to a lifetime maximum of $7,200 to an RESP

The CLB can provide up to a lifetime maximum of $2,000 for each eligible child from families with low income.

If the beneficiary is eligible to receive the Canada Learning Bond (CLB), they could receive $500 the first year, and then another $100 each eligible year after that until the age of 15, up to a lifetime maximum of $2,000 in their RESPs.

To receive the CESG, contributions must be made to the RESP. The CESG adds an amount to the RESP based on contributions made. If eligible, beneficiaries can receive up to 20% of the first $2,500 contributed to the RESP. Eligible beneficiaries from families with middle- and low-income can receive an additional 10% or 20% of the first $500 contributed to the RESP.

CESG amounts accumulate and can carry-forward to the current year. If you don’t receive the maximum CESG amount in a given year, you can still receive it in future years. You can catch up on this amount by making more contributions to the RESP.

By Contributing in RESP plan With industrial Alliance
"MY EDUCATION PLAN"
We will Help advice best chosen funds as per your profile.
Create your own illustrations
Click the Link Below 👇

Advisor center- Free, RESP illustration

CESG eligibility

The CESG is available until the end of the calendar year that a child turns 17. A contribution must be made to the RESP to receive the CESG.

To be eligible for the CESG, the child must:

be a resident of Canada
have a Social Insurance Number (SIN)
be named as a beneficiary in an RESP
be 17 years old or younger

Use the calendar year to determine:

CESG eligibility
the amount of contributions made
the CESG room earned and used in the last year

There are eligibility restrictions for children who are 16 or 17 years old .

RESP accounts can stay open for 36 years

1. Government contributions

2. Tax-free compounding

3. Payments taxable in the student’s hands

Caution

You have 60 days after signing your contract to cancel plans provided by scholarship plan dealers without any penalty. Be sure to read and understand the rules outlined in the short Plan Summary provided in the plan prospectus.

We, HARRY INSURANCE SERVICES are an independent Canadian Insurance Agency, who are committed to upholding the highest standards of the medical and travel insurance industries and to provide our clients and customers with an outstanding service respecting their privacy and freedom of choice.