Are Canada Education Savings Program Grants and Canada Learning Bonds being offered by Credential?

Credential is pleased to offer the Basic and Additional Canada Educational Savings Grant (CESG), British Columbia Training and Education Savings Grant (BCTESG), Alberta Centennial Education Savings Plan (ACES), and Canada Learning Bond (CLB).

  • Canadian Education Savings Grant (CESG):
    • The Basic CESG is a payment of 20% on the first $2,500 of annual RESP contributions made on behalf of an eligible beneficiary, up until the end of the calendar year in which he or she turns 17.
    • The Additional CESG is a payment (over and above the Basic CESG) of either 10% or 20% on the first $500 of annual RESP contributions made on or after January 1, 2005, on behalf of an eligible beneficiary, up until the end of the calendar year in which the beneficiary turns 17 years old. The amount of Additional CESG that a child can receive depends on the adjusted family net income of the child’s primary caregiver.
  • British Columbia Training and Education Savings Grant (BCTESG): $1,200 grant paid into an RESP of an eligible child born in 2006 or later. It is available to children who are residents in British Columbia with a custodial parent/legal guardian who is also a resident of British Columbia at the time the application form is submitted to the RESP provider. A subscriber may be able to apply for the grant in respect of an eligible child no earlier than the beneficiary’s 6th birthday and no later than the day before the beneficiary’s 9th birthday.
  • Alberta Centennial Education Savings Plan (ACES): Children born, or adopted on or after January 1, 2005 will qualify for the Alberta grant. For the year of birth or adoption, the CES Program will pay into an RESP, on behalf of the Alberta Government, an Alberta grant in the amount of $500. Three additional grants of $100 will be paid at ages 8, 11, and 14 on the condition that the beneficiary is enrolled in an Alberta school. Application must be made within two years after the child’s date of birth.
  • Canada Learning Bond (CLB): All children born on or after January 1, 2004, who are under the care of a Public Trustee and for whom a Children’s Special Allowance is paid, or for whom the family is eligible to receive the National Child Benefit Supplement (NCBS), will be able to receive the CLB. An initial $500 will be paid directly into the RESP and $100 for any subsequent year of eligibility up to and including the beneficiary’s 15th year totaling to a possibility of $2000. CLB accumulates for each year of eligibility, regardless of whether an RESP has been opened in the child’s name or not. Once the RESP is opened and the CLB requested, all accumulated CLB can be paid to the eligible beneficiary. Accumulated CLB must be requested before the beneficiary’s 21st birthday.

Important Note: For CESG and CLB to be eligible in a family plan, beneficiaries MUST be siblings. CESG and CLB will NOT be paid out on a Family RESP if the beneficiaries on the account are cousins; that is, while they are blood related, their parents are not the same.

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