A Registered Education Savings Plan (RESP) is a type of account that you can use to save for post-secondary education.
This article contains more information on how you can apply for and receive Canadian government grants to use toward your RESP account.
Types of Grants
Below are the types of eligible grants that you can use to fund your RESP account:
- Canadian Education Savings Grant (CESG): this is the basic grant that account holders can apply for. Depending on the net family income of the primary caregiver during the grant application, applicants can also be eligible for additional CESG.
- Canada Learning Bond (CLB): this grant provides additional funds for eligible low-income families.
How to Receive Eligible Grants
To apply for and receive eligible RESP government grants:
- Provide consent to OneVest: You can provide consent for OneVest to apply for the grants on your behalf - either during your RESP account creation process or by submitting a request here if you have already created your account.
OR - Apply separately: You can directly apply for the CESG and CLB grants, and arrange for the funds to be deposited into your RESP account separately.
Processing times for eligible CESG and CLB grants may vary, although we typically expect to receive and post them to your account(s) 1-2 months after accounts have been successfully opened. Please note that no contributions are needed to receive eligible CLB.
Please ensure to monitor your RESP account contribution room using your Canada Revenue Agency (CRA) account to avoid penalties.