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What RESP Grants are available?

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You may qualify for several savings incentives from the government.

Basic Canada Education Savings Grant (CESG):

  • The federal government contributes an extra 20% on the first $2,500 contributed every year ― an extra $500 per year ― up to a maximum lifetime grant of $7,200 per child

Additional Canada Education Savings Grant:

  • Families that qualify based on income can receive an additional CESG from the federal government
  • Families with a net household income of $46,605 or less are entitled to an additional 20% grant on the first $500 of RESP contributions
  • Families with a net family income of more than $46,605, but not more than $93,208, are entitled to an additional 10% grant on the first $500 of RESP contributions
  • These numbers are based on 2017 income brackets. Income brackets are updated yearly

Canada Learning Bond (CLB):

  • The CLB is available for children born after January 1, 2004, if their family income doesn’t exceed certain thresholds, which vary depending on the number of children in the family
  • The CLB provides an initial $500 after the RESP is opened, and up to 15 annual CLB payments of $100 for each subsequent year the children's family receives the National Child Benefit supplement
  • All CLB payments are deposited directly into the RESP account
  • The maximum CLB available for a beneficiary is $2,000 and can’t be shared with other beneficiaries
"SIMPLII FINANCIAL" and the SIMPLII FINANCIAL DESIGNS are trademarks of CIBC. "Simplii Financial" is a division of CIBC. Banking services are not available in Quebec.
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