As governments began cutting back their funding of higher education, and colleges and universities felt the pinch of greater costs, student tuitions gradually increased. 

Canadians recognize the value a higher education will have for their children's futures and often will save for their children's post-secondary education before buying a car or a house. They know the future lies with their children's successful careers.
 

The Global Educational Trust Plan (Global Plan) is an Education Savings Plan that makes it easier to save for college or university education.

Several years ago, at the encouragement of RESP distributors, the Federal government made RESPs more flexible, permitting the RRSP rollover. The Federal government also introduced the Canada Education Savings Grant (CESG) to all children with RESPs. You could receive up to $11,000.00 per child over the lifetime of the RESP, up to and including the year the child turns 17.

Visit one of our preferred school web sites the Montreal English School Board
 

In today's technologically advancing world, higher education is important to ensuring your children's long-term financial security. Over 70% of new jobs created will require a post-secondary education.
 
Government of Canada is helping Canadian families since 1998 by providing a 20% grant towards a children's education savings plan. This amount has been increased  to 30% or even 40% on your first $500.00 of annual RESP contributions, depending on net family income.

This benefit was proposed on March 23, 2004, for children born on or after January 2004 and for each eligible year up to and including the year the child turns 15.
 
The CLB  amount is $500.00  per child upon opening an RESP account as a one time benefit and subsequent amount of $100.00 per year per child over 15 years . Also keep in mind that CLB will not affect the RESP and CESG contribution limits.
 

 

RESP and Educational Planning

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