Registered Education Savings Plan (RESP)

Everyone can receive up to $500 a year in federal government grants when they contribute the $2,500 maximum annually to a RESP for eligible children. The lifetime contribution limit is $7,200. 

There is also a special program for low income families to kick-start an RESP for their children’s post-secondary education. Qualifying families don’t have to make any contributions.

You could be eligible for the Canada Learning Bond that offers up to an extra $2,000 per child born after January 1, 2004 if you receive the National Child Benefit Supplement. The government will give you $500 (toward an RESP) for your child at birth and then $100 each year until your child turns 15. 

Based on 2017 figures, the qualification for this benefit was an annual family income less than or equal to $45,916.

Please consult a financial advisor before making a decision.