Education Planning FAQs

Are there saving programs that are specific to education funding?

Yes, the most common is the Registered Educational Savings Plan (RESP). In addition, the use of an In Trust Account has advantages when saving towards future education funding.

What is the Canada Education Savings Grant (CESG)?

The Federal Government introduced the CESG where a grant of 20% is paid into the beneficiary's RESP for every dollar that you contribute into the plan to a maximum of $2500, which would yield a maximum grant of $500 per year until the year of the beneficiary's 17th birthday.

What expenses are covered from the RESP?

The funds can be used for tuition, housing, transportation, books, supplies and other incidentals relating to the student's education.

How much can you contribute?

The maximum combined contribution from all subscribers to each beneficiary is $5,000 a year to a lifetime maximum of $50,000.

Get independent thinking working for you!

We encourage you to get professional advice when planning your eduction funding. A GP Wealth Management Financial Advisor is qualified to help you make the right choices.

Click here and contact one of our financial advisors in your area to arrange a no-obligation meeting to discuss your education planning needs or to open an RESP Account, click here

Click here, To learn more about education planning at our LEARNING CENTRE SECTION.