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04/13/2013

04/13/2013

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01/15/2012

RESP - WHAT IS IT?

An RESP:
- is a special savings plan (like a savings account)
- helps you, your family or friends to save early for a child’s education after high school.
- is registered by the Government of Canada.
- allows savings for education after high school to grow tax-free and could also gain government money through the Canada Education Savings Grant and the Canada Learning Bond.

01/15/2012

CANADA EDUCATION SAVINGS GRANT



This grant from the Government of Canada can help you start saving for your child's education after high school. Your child can use the money for full-time or part-time studies in an apprenticeship program, CEGEP, trade school, college or university. The CESG is based on contributions made to an RESP in respect of an eligible beneficiary and is comprised of two components:

The Basic CESG
The Additional CESG


What is the Basic CESG?

Basic CESG is a payment of 20% on RESP contributions made in respect of an eligible beneficiary, up until the end of the calendar year in which the beneficiary turns 17.

Over 3 million children have already received the Canada Education Savings Grant. Register your child today!

What is the Additional CESG?

The Additional Canada Education Savings Grant (A-CESG) is extra money from the Government of Canada available to help you save for your child's education after high school. This grant is in addition to the basic Canada Education Grant that you may already be receiving in your child's RESP.

Additional CESG is a payment (over and above the Basic CESG amount) of either 10% or 20% on the first $500 or less of annual RESP contributions made on or after January 1, 2005, in respect of an eligible beneficiary, up until the end of the calendar year in which the beneficiary turns 17.

The amount of money that your child can receive in additional grant depends on the net family income of the child's primary caregiver.
For example, in 2011*, on the first $500 that you put into your child's RESP each year, the Additional Canada Education Savings Grant could add: up to $100, if your net family income is $41,544 or less
up to $50, if your net family income is between $41,544 and $83,088

01/15/2012

CANADA LEARNING BOND

What is it?
Money from the Government of Canada to help you start saving early for your child's education after high school.
Your child could get $500 NOW to help you start saving early for your child's education after high school, and an extra $100 each year up to age 15. That's up to $2,000 (plus interest) in bonds for your child's education. And you don't have to put any of your own money into the RESP to get this bond.
An extra $25 will be paid with the first $500 bond to help cover the cost of opening an RESP.

Who can get the bond?

Your child can get the $500 Canada Learning Bond plus an extra $100 per year up to age 15 if:
your child was born after December 31, 2003, and
you get the National Child Benefit Supplement as part of the Canada Child Tax Benefit, commonly known as "family allowance" or "baby bonus."

01/15/2012

The Alberta Centennial Education Savings Plan Grants (Alberta Grants)

What is it?
Money for Alberta parents to help them start planning and saving for their children's education after high school.
The Government of Alberta will deposit $500 into Registered Education Savings Plan (RESP) for every child born to (or adopted by) Alberta residents in 2005 and after.
Additional grants of $100 will be available to eligible children attending school in Alberta who have turned 8, 11 or 14 in 2005 or later. That means they may be eligible to receive additional grants totalling $300 by the time they turn 14. In order to receive the $500 and/or the $100 grant, submit an application within 6 years of birth or within 6 years of the child turning 8, 11 or 14 in 2005 or later.