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 | Investing for education
With you in helping to create a brighter future for you child.
WHAT IS THE CANADA EDUCATION SAVINGS GRANT (CESG)?
Through the CESG, the federal government adds 20 per cent to the first $2,500 of annual contributions you make to an RESP up to a maximum grant of $500 per child per year.
HOW DOES IT WORK?
The CESG is available each year until the beneficiary turns 18. The total grant payments to a beneficiary cannot exceed $7,200 over the life of the plan. Any unused CESG grant room can be carried forward to future years.
WHO QUALIFIES FOR THE CESG?
To qualify for the CESG, the following conditions must be met:
- The beneficiary must be under the age of 18
- The beneficiary must be a Canadian resident with a valid Social Insurance Number (SIN)
- A minimum contribution of $100 per year, for four years, or total contributions of at least $2,000 must be made prior to the year the beneficiary turns 16. (This condition only applies for the years the beneficiary turns 16 or 17)
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To find out more about opening an RESP with Manulife Mutual Funds, please speak with your advisor.
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INVESTING FOR EDUCATION
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