Take advantage of a number of government grants with an RESP - your education savings plan. With the Canada Education Savings Grant*, you can receive up to $7,200 for your child's education from the Canadian government. With the Canada Learning Bond, you can receive up to $2,000 for your child's post-secondary education. Are you getting the most out of your grants? Click here to learn more about how to maximize your grants!
Discover the RESP Grants You May be Eligible to Receive
Canada Education Savings Grant* (CESG)
The CESG* equals 20% of the first $2,500 of your annual contributions. If your child is eligible for the CESG*, you will receive a maximum of $500 to $600 annually until your child reaches the age of 17, to a lifetime amount of $7,200. Learn more about the CESG* here.
Canada Learning Bond* (CLB)
If your child is eligible for the Canada Learning Bond (CLB*), you will receive a one-time initial contribution of $500 to your child's RESP with an additional $100 for each year of eligibility until age 15. Learn more about the CLB* here.
Quebec Education Savings Incentive* (QESI)
If your child is a resident of Quebec, they may be eligible for QESI which equals 10% of the first $2,500 of net annual contributions. Learn more about QESI* here.
Saskatchewan Advantage Grant for Education Savings* (SAGES)
As a resident of Saskatchewan, your child may be eligible for the newly introduced education grant which matches up to 10% annually on the first $2,500 of contributions from birth to age 17, with a lifetime maximum of $4,500. This provincial grant is retroactive to all contributions made from January 1, 2013. Open a Heritage RESP today and your Heritage representative will be in contact with you to complete your SAGES application. Learn more about SAGES* here.
British Columbia - Training and Education Savings Grant* (BCTESG)
The provincial government in British Columbia (B.C.) introduces a new Training and Education Savings Grant* (BCTESG), which would be available only to those who have an RESP. It is offered as a one-time grant of $1,200. No matching or additional contributions are required to receive this grant, and eligibility will be strictly for beneficiaries who are residents of B.C. once they are six years old. All that is required is to open an RESP account and apply before the child turns nine years old. We are informed that the province of British Columbia will begin accepting applications for the BCTESP in August 2015. Learn more about the British Columbia Training and Education Savings Grant (BCTESG)* here.
Alberta Centennial Education Savings Plan* (ACES)
On March 26, 2015, the Government of Alberta announced the closure of the Alberta Centennial Education Savings ("ACES") Plan grants. The deadline to apply for the ACES grant was July 31, 2015.
Contact us today to speak with a RESP expert and learn more about all of the grants listed above.
*Certain conditions apply. See prospectus for full details.
RESP Tax Benefits
Take advantage of RESP tax benefits. With an RESP, you can shelter your investment earnings from tax while your education fund grows. When your child is ready to use his/her RESP for university or college, the funds are taxable under the student's name. Because students typically have high exemption status and low income, the taxes they pay should be little to none.
RESP Tax Benefits Include Paying Less Tax and Earning More Cash
Heritage Education Funds RESPs are designed specifically to help you save on taxes. Unlike an RRSP, your RESP contributions are not tax deductible. This means the earnings your investments make within the RESP are sheltered from tax. Your RESP also offers a tax shelter from interest earnings and from RESP government grants.
Once your child is ready to use his/her RESP for post-secondary education, the funds are taxable under the student's name. Because students commonly have high exemption status and low income, the taxes they pay should be low (if they pay any at all).
Enjoy Tax Free Savings with a Heritage RESP
The benefits of RESP tax free savings are evident when compared to other methods of saving. See the chart below and discover how much greater your savings can be with a Heritage RESP.
Increasing Your Contributions**
Increasing your RESP education savings plan contributions early is crucial as it allows more time for your contributions to grow. Increased RESP contributions will also help you reach your education savings goal much quicker.
Contact us today to build your child's RESP education savings plan with increased payments and additional government grants.
**Increasing your contributions is subject to Heritage Educational Foundation’s suitability and affordability guidelines. Please speak with your dealing representative for more information.
Increase Your RESP Contributions** for a Greater RESP Return on Education Savings
Increasing your RESP contributions early can maximize your RESP tax benefits in the long run and provide you with a higher RESP return, even if your increase is very minimal. Increasing your contributions early is key since it allows more time for your contributions to grow. Increased RESP contributions will also help you reach your education savings goal much quicker.
If your financial situation does not allow you to comfortably increase your contributions, you have up until your child's 15th birthday to add additional units to your child's RESP.
Capitalize on the RESP Contributions and Maximize the RESP Benefits
Increasing your RESP contributions** could maximize potential RESP return payouts due to compound interest. If you are currently saving for your child's education through RESPs, right now is the best time to consider increasing your RESP contributions. A Heritage RESP Representative is only a local phone call away to help you decide the best RESP contribution plan for you.
**Increasing your contributions is subject to Heritage Educational Foundation's suitability and affordability guidelines. Please speak with your dealing representative for more information.
Heritage Plans are scholarship plans issued under the sponsorship of the Heritage Educational Foundation. Units of the Heritage Plans are offered by prospectus only, a copy of which can be obtained from the registered dealer, Heritage Education Funds Inc. at HeritageRESP.com. These securities may not be appropriate for all investors and are subject to certain risk factors. See the prospectus for details.