The Canada Education Savings Program helps make post-secondary education more affordable for all Canadians by encouraging early planning and saving.
The Government encourages Canadians to open a Registered Education Savings Plan (RESP), at a financial institution like a bank or credit union. An RESP helps families save for a child’s post-secondary education. These savings grow tax-free until the person named in the RESP enrolls in post-secondary education.
The Government also offers additional education savings incentives linked to RESPs, specifically the Canada Learning Bond and the Canada Education Savings Grant.
The Canada Learning Bond provides eligible children from low-income families, born in or after 2004, with up to $2,000 towards their education after high school.
The Canada Education Savings Grant is money the Government of Canada provides in addition to personal contributions to a child’s RESP.
Financial assistance for older children and students is also available. The Canada Student Financial Assistance Program offers repayable loans and non-repayable grants to help Canadians pay for their post-secondary education.
