Saving for your Child’s Education

Low-income Earners

June 14, 2016

Q: As low-income earners, how can we save for our children’s education when we already find it difficult to cover basic living expenses?

A: Everyone can receive up to $500 a year in federal government grants when they contribute the $2,500 maximum annually to a Registered Education Savings Plan (RESP) for eligible children. The lifetime contribution limit is $7,200. However, many low-income Canadians have no idea they could receive a free government grant to kick-start an RESP for their children’s post-secondary education.

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