Every child is filled with a world of potential. But post-secondary education is not getting any cheaper and requires a large investment. You or your child can be ready by starting a Registered Education Savings Plan.

A Registered Education Savings Plan (RESP) is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within the plan is not taxed until it is withdrawn.

Best of all, the government wants to give you money! Through the Canada Education Savings Grant (CESG) the federal government will add funds directly to your child's RESP.  Amounts are based on your family income.  Through the CESG you could add up to $200 on the first $500 you save annually and up to $400 on the next $2000.

The maximum lifetime grant that the federal government can give a child is $7200. All children up to age 17 are eligible as long as they are a Canadian resident.

Additional rules and requirements apply, but the combination of the RESP and CESG can be a powerful tool to preparing for one of the best investments you can make: a child’s future.  For more information about the CESG, click here or call 1-800-O-Canada (1-800-622-6232).