Registered Educational Savings Plans in Ontario
RESP’s can be confusing. Farrow Pension & Benefits has packed all the information into one place below to get you started.
Canadian Educational Savings Grant (CESG)
Eligibility
Available until the age of 17
Must be a resident of Canda with a valid SIN
Must be named as a beneficiary in an RESP that is being contributed to
Net income of eligibility is $97,069 or less (2020)
How much could my child receive?
Up to $500 per year
Up to a lifetime benefit of $7,200 (per child)
Unused entitlement per year carries forward
Canada Learning Bond
Eligibility
Based on income and amount of children – see here
How much could my child receive?
Up to $2000 ($500 1st year, $100 thereafter)
If you or your company wish to learn more, contact us below:
simplify@farrowpension.ca
Helpful Links:
Front Page - https://www.canada.ca/en/services/benefits/education/education-savings/savings-grant.html
Search Institutions - https://tools.canlearn.ca/cslgs-scpse/cln-cln/reea-mdl/reea-mdl-1-eng.do?nom-name=ON
*Information is as-of Dec/2020 and may not reflect current levels
WAYNE FARROW
Over his 40 year career, Wayne has worked with hundreds of Canadian corporations to design and manage Retirement Savings Programs involving thousands of plan members.
His hands-on approach and involvement at the Plan Member level gives him a unique ability to see things through the eyes of all the stakeholders and most importantly, the Plan Member.
He has literally been there, and done that, on the shop floor, not the 52nd floor.
This experience has allowed him to simplify the plan design and management of retirement programs in such a way that the most important elements are clearly understood by both the Plan Sponsor, and the Plan Member.
As he always says, “if you can’t explain it to an eight year old, then you don’t understand it.”
You can contact Wayne at: wayne@farrowpension.ca