So, you have kids. Cool, here’s some Free Money!!! [RESP]


Free Money?free money resp

It’s not every day that you can get free money, but when it is there, make sure that you step up and grab it. Let’s face it, kids are expensive. School fees, sports fees, babysitting, daycare, after school care, the list is endless. According to, the average cost of raising a child to age 18 is a whopping $243,660. Break down that number, and that’s $12,825 per child, per year -- or $1,070 per month. And that's before you send them off to college or University.

This article from the Globe and Mail indicates that a student starting University today can expect a 4 year program to cost approximately $60,000. A child born in 2013 can expect their costs to be around $140,000 when they are ready to go.

Let's face it, kids are expensive.

Come and Get Some! Here's How:

Why not step up and grab the free money that is available to help fund those costs. By setting up a Registered Education Savings Plan (RESP), you can access some free money outlined below:

  1. Alberta Centennial Education Savings (ACES) Grant. To celebrate Alberta’s Centennial in 2005, the Alberta Provincial government introduced the ACES Grant program. For children born in Alberta after January 1, 2005, the ACES grant contributes a total of $800 to a child’s RESP account. $500 immediately, and additional deposits of $100 at ages 8, 11 & 14. UNFORTUNATELY THE NDP GOVERNMENT CANCELED THE ACES GRANT.
  2. Canada Education Savings Grant (CESG). Employment and Social Development Canada (ESDC) provides an incentive for parents, family and friends to save for a child's post-secondary education by paying a grant based on the amount contributed to an RESP for the child. The CESG money will be deposited directly into the child's RESP. This grant “Tops Up” any contributions made by the parent (or grandparent) by an additional 20%. For example, if you contribute $100/month, the government contributes an extra $20. The maximum contribution available is $7,200.
  3. Additional Canada Education Savings Grant. If your net family income is below $87,123 (2014), you may qualify for an additional CESG. This could increase your grant rate from 20% to 30% or 40%, depending on your income level.
  4. Canada Learning Bond. The Canada Learning Bond is a Government of Canada program that provides up to $2,000 in education money. If you have a child born on or after January 1, 2004, and your net family income is less than $43,953, you are eligible for this money. You do not need to pay any money or make any contributions to get the Bond, but you will need to open a Registered Education Savings Plan (RESP) to receive it.
Contact us today to set up an RESP account and claim your free money.

Born and raised in Alberta, Tyler is married to Tammy and they have two daughters, Megan & Hallie. When you ask him what takes up most of his time... he…

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