February is Financial Aid Awareness Month: Educators Tip #1
Contribute to a Registered Education Savings Plan (RESP) and take advantage of the Canada Education Savings Grant (CESG)
If your child is a Canadian resident 17 or younger in the year, then the first $2,500 of RESP contributions will be eligible for $500 of CESG. The CESG is paid into your child’s RESP and grows with your contributions on a tax-deferred basis until your child begins post-secondary education. Don’t have the immediate cash to make an RESP contribution? Use the income-tax refund you received when you made your RRSP contribution.
For a better understanding of how this works please feel free to contact us.