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Saving for your childs education

Saving For Your Child's Education

The investment you make in your children’s education today will help them pursue their post-secondary dreams when the time comes. At Kootenay Savings, we’re experts at helping families prepare for the rising costs of higher education. In addition to showing you the ropes of RESPs, we’ll help you make sense of all the government grants available. Speak with one of our trusted advisors to explore the best plan for you and your family.  


Registered Education Savings Plan

A Registered Education Savings Plan (RESP) is a government-assisted savings account that can be opened for one child or as a family plan. While parents are the usual contributors, anyone can open a RESP – a guardian, grandparent, aunt, uncle, even a family friend. These plans can hold a variety of investments, from cash and credit union shares to GICs and mutual funds. And best of all, the entire investment’s growth is tax free until it’s withdrawn.  

Download our RESP brochure 

Once enrolled in a qualified  post-secondary institution (this could include a vocational school, apprenticeship, trades program, college, or university), your student can access their RESP funds through Educational Assistance Payments. These EAPs are taxable, but as most students tend to be in a low tax bracket, they’ll likely pay minimal – if any – income tax.  

Watch how your savings can grow with our RESP Calculator!  

Government Grants

One very smart way to accelerate your savings is to take advantage of the generous education grants available through our federal and provincial governments. You may qualify for some or all of these benefits: 

The Canada Education Savings Grant (CESG) is added to your child’s RESP to help pay for full- or part-time post-secondary education. The CESG adds a 20% bonus to the first $2,500 you contribute to your child’s RESP each year, up to a maximum lifetime value of $7,200, and you won’t have to pay a dime for this contribution. Middle- and low-income families may even qualify for additional funds through the CESG.  

KSCU Tip: if you have to skip a year of CESG contributions, you can carry the amount forward and catch up in future years to get back on track. 

Canada Learning Bond (CLB) – if your income qualifies, you may be eligible for an additional contribution of up to $2,000, and you don’t have to make personal contributions to an RESP in order to receive the CLB.

KSCU Tip: The CLB provides $500 for the first year of eligibility and $100 per year until your child turns 15, so take advantage of this program as early as possible.  

British Columbia Training & Education Savings Grant (BCTESG) – The BC Government offers a $1,200 grant to eligible children between the ages of 6 and 9. As a parent or guardian, all you need to do is complete a simple application at Kootenay Savings and the funds will be added to your child’s RESP.  

KSCU Tip: The grant money can be used in a wide range of post-secondary settings, from apprenticeship programs to universities, and even in educational institutions outside of Canada.  

To learn how to open a RESP or to apply for these additional government grants, contact us to speak with an advisor. We can help you set your child up for success! 

Talk to one of our advisors about your RESP options and available grants. 


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