Simply by investing their Universal Child Care Benefit (UCCB) and making use of government grants, parents can save a significant amount for a child's post-secondary education.
Here’s how you can combine government grants to potentially build substantial education savings.
- Every month, until your child reaches the age of six, you’ll receive the Universal Child Care Benefit of $100. You can arrange to have that amount automatically invested in an RESP.
- A Canada Education Savings Grant of 20 cents for every dollar you invest will also be deposited into the RESP (subject to annual and lifetime maximums).
- The entire amount will be tax-sheltered. By the time your child is ready for post-secondary school, the amount may be enough to pay for your child’s education, without spending a penny of your own.
Potential RESP savings over 18 years using government-only programs
Check out how it works in these documents.
- All residents of Canada are eligible for the Canada Education Savings Grant (CESG) .
- The Quebec Education Savings Incentive (QESI) is available to Quebec residents only.
- The Alberta Centennial Education Savings (ACES) Plan available to Alberta residents only.
Your child may also be eligible for financial assistance through the Canada Child Tax Benefit (CCTB) or, for an additional $2,000, through the new Canada Learning Bond (CLB) , depending on your family’s income.
For more information on the grants available through an RESP: