The spiraling cost of post-secondary school education has many parents concerned about whether they will be able to afford to send their children to college or university. A Registered Education Savings Plan (RESP) with CI Investments is an excellent way to start saving today for your children's education tomorrow.
Contributions to an RESP may qualify for federal and provincial government grants. Your contributions and any grant will accumulate and grow tax-free in an RESP. When funds are withdrawn for tuition, only the growth and grant portion of the plan is taxable in the hands of the student(s), who will, in all likelihood, be in a low tax bracket.
For more general information on RESPs, click here.
CI’s Guide to RESP Grant Programs
In 2004, the Government of Canada introduced two new RESP grant programs. In addition to the Basic Canada Education Savings Grant (Basic CESG), RESP beneficiaries may now qualify to receive the Additional Canada Education Savings Grant (Additional CESG) and the Canada Learning Bond (CLB). The two new grant programs are based upon the primary caregivers income.
The Provincial Governments have also decided to offer added incentives to encourage early savings for educational purposes. Furthermore, Revenu Québec has also introduced the Québec Education Savings Incentive (QESI) as a tax measure for eligible beneficiaries who reside in Quebec.
RESP Federal Grant Program Requirement Checklist
Temporary Suspension of Saskatchewan Advantage Grant for Education Savings (SAGES)
On March 22, 2017, the Government of Saskatchewan announced the temporary suspension of the Saskatchewan Advantage Grant for Education Savings (SAGES), effective January 1, 2018. The suspension does not impact other RESP savings incentives administered by the Government of Canada.Read more »
RESP Grant Program Application Chart
The Québec Education Savings Incentive (QESI) is a tax measure designed to encourage Québec families to start saving early for the education of their children and grandchildren.
The incentive, which was announced in the 2007 Québec provincial budget, consists of a grant of up to $250.00 paid directly into a Registered Education Savings Plan (RESP) opened with a financial institution that can accept the QESI.CI Investments is in the process of applying for the QESI for all eligible beneficiaries since inception of the incentive. For additional information, please review our list of Frequently Asked Questions.
Helpful Links & Resources:
CI Client Services - English
CI Client Services – French
Employment and Social Development Canada (ESDC) or call 1-800-O-Canada
Revenu Québec (QESI information only)