Before investing for this plan, you just need a proper planning and instruction before getting any kind of benefit that comes under this plan. Although it is one of the best saving plans for your kid to get the funds for the post auxiliary instruction – however, requires some guidelines and instructions from an expert. There are different options available for RESP and we can help you in choosing the best option for you.
1) CESG: It is an incentive provided by Employment and Social Development Canada (ESDC) to the families or relatives who are saving money for their child’s post-secondary education through a grant based on the amount contributed to an RESP account. The maximum grant limit for one year is $500 for each child with lifetime limit $7200.
2) ACESG: The additional amount of Canada Education Savings Grant(ACESG) ) is money provided by the Government of Canada in addition to basic CESG for Canadian children from low-income and middle-income families.
3) Canada learning Bond: The government of canada deposits money(upto $2000) into eligible child’s RESP account every year even if you don’t contribute.