RESP government assistance

Maximize your return!

Money contributed to an RESP can be invested in a variety of ways. The funds can be kept in a variable savings account, GIC, or mutual funds can be purchased within an RESP. You determine how the money is invested, based on your risk tolerance. The Government of Canada also provides grants (called accumulated income) on top of your RESP contributions, significantly increasing your return. 

Canada Education Savings Grant (CESG) Expand/Collapse

This grant is open to all RESP holders regardless of income, and gives you 20% on every dollar up to a maximum of $500 per year. You’ll be hard pressed to find another investment vehicle that offers such high returns!
Additional grants (A-CESG) are also available for lower income families and adds an extra 10 to 20% onto the first $500 in the RESP.

The A-CESG rate is 20% when net family income is $43,561 or less, and 10% when net family income is between $43,561 - $87,123.

BC Training and Education Savings Grant (BCTES Grant) Expand/Collapse

The BCTES grant is a recently announced one-time government grant of $1,200 to eligible children. To access the grant, families must open an RESP before their child turns 9 years old. No matching or additional contributions are required to receive the BCTES grant.

Families can apply to receive the grant through their financial institution, commencing August 15, 2015. The grant is available to all families whose child:

  • Was born in 2007 or later
  • Is listed as a beneficiary of an existing RESP at the time of application
  • Along with their parent(s) or guardian, is a resident of BC at the time of application

G&F Financial Group is recognized by the BC government as a participating RESP promoter. G&F Financial Group RESPs are administered under Central 1. For more information, on the BCTES grant, please refer to the BC government's website.

Canada Learning Bond (CLB) Expand/Collapse

This grant is available to low-income families who receive the National Child Benefit Supplement (NCBS). The CLB provides an additional $500 in the first year the RESP is opened, and $100 for each eligible following year until age 15. Beneficiaries can open an RESP in the three years between ages 18 and 21 and to receive up to $2,000 if they would have qualified for the NCBS and a plan was never opened for them.

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