I have been working with SmartSAVER, an organization that works in partnership with the government of Canada, to help families save for their children’s future. We have been promoting the Registered Education Savings Plan (RESP), the Canada Learning Bond and the Canada Education Savings Grant.These great initiatives were designed to help make post-secondary education more affordable for your children. There are no fees to open the RESP. All you have to do is go to your financial institution with your child’s Social Insurance Number (SIN) and let them know that you are interested in starting an RESP.
- All families are eligible for the Canadian Education Savings Grant
- If your child was born after December 31, 2003 and your net income is under $42,000, the Government gives you $500 for the first installment and $100 every year to a maximum of $2,000.
- Depending on the income, the families are also eligible for 20%, 30% or even 40% matching contributions from the Government.
- Even if you can't contribute, the Government will deposit the Canada Learning Bond in your account.