Fact Sheet

• The Canada Education Savings Grant is money paid by the Government of Canada to encourage families to save early for children’s post-secondary education through special savings accounts known as Registered Education Savings Plans (RESPs).
• To receive the Canada Education Savings Grant, a child needs to have an RESP in their name.
• The Canada Education Savings Grant adds 20 per cent annually to any amount saved up to $2,500 in an RESP. An additional grant is available for low and middle-income families; a separate application needs to be filled to receive it.
• $7,200 is the maximum lifetime amount that a child can receive in Canada Education Savings Grants.
• Depending on their level of income, students may be able to withdraw the money tax-free.
• All Canadian residents up to age 17 are eligible to receive the Canada Education Savings Grant. Special rules may apply if the child did not have an RESP before age 15.
• Families apply for the Canada Education Savings Grant through their RESP provider: banks, credit unions, group plan dealers or through certified financial planners.
• Since 1998, over three million children have received the Canada Education Savings Grant.
• The Canada Education Savings Grant is administered by Human Resources and Skills Development Canada through the Canada Education Savings Program, an important component of the Government’s commitment to make post-secondary education accessible to Canadian families.