Increasing RESPs

  • Life is expensive enough without the government making it worse. As Prime Minister, Andrew Scheer will make it easier for Canadian parents to save money to send their kids to college, university, or trade school.
  • A new Conservative government will boost the RESP grant from 20 per cent to 30 per cent on every dollar invested up to $2,500 a year. This change will boost the maximum annual grant from $500 to $750.
  • We will also boost the maximum lifetime grant from $7,500 to $12,000.
  • The Conservative plan is in addition to the existing grant for low- and middle-income Canadians.
    • Low-income Canadians receive an additional 20 per cent on the first $500 they deposit each year, while middle-income Canadians receive an additional 10 per cent over and above 20 per cent.
    • With the boost to 30 per cent, low-income Canadians will receive a total of 50 per cent ($250) on the first $500, while middle-income Canadians would receive 40 per cent ($200).
    • If a family with a net income of $45,000 contributes $40 a month to their child’s RESP, that would work out to a net annual contribution of $480. A Conservative government will contribute 50 cents for every one of these dollars. Currently, the government only contributes 40 cents.

Examples:

Birth-Age 18


Parents’ investment


You receive now:

You receive under Conservative plan:

More for your child’s education:

$25/month

$1,080

$1,620

$540

$50/month

$2,160

$3,240

$1,080

$100/month

$4,320

$6,480

$2,160


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