Many parents or guardians opt to open a Registered Education Savings Plan (RESP) for their student. These plans enable parents to set aside money used solely for the child's education. Any parent who has opened an RESP for a child is eligible to apply for the Canada Education Savings Grant. When a child receives a CESG, a portion of their family member's contribution of money is deposited directly into the student's RESP.
Students up to age 17 can receive financial help from CESG. The amount of money received by each child depends on the family's net income and the contributions already made into the RESP; the RESP must contain at least $500 contributed from the family in order to receive funds from the CESG. The maximum amount of money a student can receive is $7,200.
Canada Education Savings Program
Human Resources and Skills Development Canada
140 Promenade du Portage, Phase IV
Mailstop: Bag 4
Gatineau, QC K1A 0J9
800-O-CANADA
canlearn.ca/eng/saving/cesg/index.shtml
The Canadian government strives to help those who cannot contribute $500 right away to open an RESP. The Canada Learning Bond is designed to help parents get started in saving for their student's education.
The Learning Bond provides $500 towards starting to maintaining an RESP with the Canadian government. In some situations, the bond comes with an additional $25 to cover the cost of opening an RESP. The Learning Bond can also contribute an extra $100 each year until the student turns 15, and all of the money can be used at anytime to enroll the student in an apprenticeship program, trade school, college or university. Students who were born after December 31, 2003 and whose family qualifies for the Canada Child Tax Benefit (dependent on family income) are eligible for this bond.
Canada Learning Bond
Human Resources and Skills Development Canada
140 Promenade du Portage, Phase IV
Mailstop: Bag 4
Gatineau, QC K1A 0J9
800-O-CANADA
canlearn.ca/eng/saving/clb/index.shtml
Canadian students who come from low-income families or middle-income families are eligible to receive education grants from the government. If a student applies for and qualifies for a Canada Student Loan, hails from a low-income or middle-income family (standards set by the Canada Student Loans Program) and enrolls in a full time post-secondary education that will last for at least two years, the student is eligible to receive a grant.
The money available through the grant depends on the income situation. Students from low income families can receive $250 per month (up to $3,000 for an academic year) to contribute to undergraduate education. Middle-income students can receive $100 per month, up to $1,200 per academic year. Students who apply for a Canada Student Loan are automatically assessed for their eligibility for income-based grants.
Canada Student Grants
Human Resources and Skills Development Canada
140 Promenade du Portage, Phase IV
Mailstop: Bag 4
Gatineau, QC K1A 0J9
canlearn.ca/eng/postsec/money/grants/glif.shtml