๐ƒ๐ข๐ ๐ฒ๐จ๐ฎ ๐ค๐ง๐จ๐ฐ ๐ญ๐ก๐š๐ญ ๐ญ๐ก๐ž๐ซ๐ž ๐ข๐ฌ ๐š ๐œ๐จ๐ฎ๐ฉ๐ฅ๐ž ๐จ๐Ÿ ๐ข๐ฆ๐ฉ๐จ๐ซ๐ญ๐š๐ง๐ญ ๐š๐ ๐ž-๐ฌ๐ฉ๐ž๐œ๐ข๐Ÿ๐ข๐œ ๐๐ž๐š๐๐ฅ๐ข๐ง๐ž๐ฌ ๐ฐ๐ก๐ž๐ง ๐ข๐ญ ๐œ๐จ๐ฆ๐ž๐ฌ ๐ญ๐จ ๐ž๐๐ฎ๐œ๐š๐ญ๐ข๐จ๐ง ๐ฌ๐š๐ฏ๐ข๐ง๐ ๐ฌ ๐Ÿ๐จ๐ซ ๐ฒ๐จ๐ฎ๐ซ ๐œ๐ก๐ข๐ฅ๐๐ซ๐ž๐ง?

๐–๐ก๐š๐ญ ๐ข๐ฌ ๐š๐ฏ๐š๐ข๐ฅ๐š๐›๐ฅ๐ž...๐‚๐„๐’๐†:
The basic Canadian Education Savings Grant, or CESG, provides Canadians with 20 cents on every dollar they contribute to an RESP, up to an annual maximum of $500. Therefore if you put invested $2,500, you'd be eligible for the full $500 in grant money available each year.

๐‹๐ข๐ฆ๐ข๐ญ๐ฌ:
The maximum amount available under the basic grant is $7,200 per child.

๐“๐ก๐ž ๐‚๐š๐ซ๐ซ๐ฒ-๐Ž๐ฏ๐ž๐ซ ๐…๐ž๐š๐ญ๐ฎ๐ซ๐ž:
If you don't get the full grant amount each year, any unused grant room accumulates and carries forward until the year a child turns 17. You can go back one year at a time to make up for missed contributions.

Age 15 rule: ย 
One important age to keep in mind for your children is 15. ย In order to be eligible for any of the grant money, an RESP must be opened before the end of the year a child turns 15 and must have met certain minimum contribution levels. ย To receive the CESG at 16 and 17, contributions to all RESPs for the child must total at least $2,000 before the end of the year they turned 15, or at least $100 a year in at least four of the years before the end of the year they turn 15, and cannot have been withdrawn.

๐ƒ๐ž๐š๐๐ฅ๐ข๐ง๐ž: ย 
There is no official deadline for making an RESP contribution because you are eligible for a lifetime carryforward amount. ย However, there are deadlines if you have not contributed to your RESP and your child is 10. ย  If you have not contributed up to his point, 10 is the maximum age that you could begin saving in an RESP and still be able to maximize your benefits through the CESG.

Summary...It's sometimes difficult for families to maximize their education savings for their kids. ย And although this is usually not an issue as you can always make up unused contributions, one must be aware of these age-specific deadlines if the goal is the maximize the government benefits available within the RESP program.

As always, we want to ๐™ฉ๐’‰๐’‚๐’๐’Œ ๐’š๐’๐’– ๐’‡๐’๐’“ ๐’˜๐’‚๐’•๐’„๐’‰๐’Š๐’๐’ˆ ๐’•๐’‰๐’Š๐’” ๐’—๐’Š๐’…๐’†๐’. We are extremely grateful for your attention and consideration. We know there are many other things you could be doing with your time and we commend you for your commitment to growing your wealth!

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