11/19/2024
Looking for a Christmas Gift that keeps on giving? Set up an RESP for your child or grandchild:
FREE REGISTERED EDUCATION SAVINGS PLAN (RESP) Benefits if you qualify! $$$ Up to $2,000+ Canada Learning Bond + 20% to 30% CESG extra if you do add money to the RESP!
o If you add no money to an RESP, your child (or you, yourself if you are 18 to 21 years old) can receive up to $2000 for the Canada Learning Bond (CLB) to RESP to help with the cost of tuition, books, tools, transportation.
$500 for the first year of the RESP + $100 to age 15 without any contributions + 20% to 30% on money you add!
o The CLB is retroactive. Any amounts missed will be put into the plan for the beneficiary. It must be claimed before the beneficiary turns 21.
WHO QUALIFIES? For the CLB:
A Canadian resident with a Social Insurance Number who has an RESP set up and was born on or after January 1, 2004.
The family income must be:
$55,867 or less for a family with 1 to 3 children
$63,036 or less for a family with 4 children
$70,2334 or less for a family with 5 children..
The primary caregiver of the beneficiary (parent or guardian) must:
• have filed income tax returns for each year they wish to request the CLB for the beneficiary
• be eligible to receive the Canada Child Benefit (CCB)
MORE FREE $$ IF YOU CONTRIBUTE, TOO:
The Canada Education Savings Grant (CESG) is added to any contributions made for the child: 20% of the maximum contribution up to $2,500 will be added . If you did not contribute the previous year, another $500 CESG is added to the plan. Depending on income, you may have another 10% of the contribution.
The lifetime maximum CESG: $7,200 until the age of 17.
There are other rules. Contact us at (709)635-4090 for more information. We can set up an RESP for a child who is special to you.
https://www.canada.ca/en/revenue-agency/search.html?q=resp&wb-srch-sub=
