so you have kids. RESPs

http://www.hrsdc.gc.ca/eng/learning/education_savings/publicsection/faqs_cesg.shtml

D - some devil-in-the-detail stuff. But all you have to know follows.

Who is eligible to receive the Grant?
Beneficiaries are eligible for the CESG up to the end of the calendar year in which they reach age 17 (certain conditions exist for beneficiaries 16 and 17 years of age). To be a recipient of the CESG the beneficiary must be a resident of Canada at the time the contribution is made, and have a valid Social Insurance Number (SIN).

How does the 16 and 17 rule work?
The Canada Education Savings Grant Program has been designed to encourage long term savings for post-secondary education.

There are special rules for beneficiaries in the years they become age 16 or 17. RESPs for beneficiaries aged 16 and 17 will be eligible only if at least one of the following conditions is met:

a minimum of $2,000 of contributions has been made to, and not withdrawn from, RESPs in respect of the beneficiary before the year in which the beneficiary attains 16 years of age; or
a minimum of $100 in annual contributions has been made to, and not withdrawn from, RESPs in respect of the beneficiary in at least any four years before the year in which the beneficiary attains 16 years of age.
This means that you must start to save in RESPs for your child before the end of the calendar year in which they turn 15 years of age in order to be eligible for the grant.

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D - why bother? Best return with the matching grant, regardless.
Still a piddly amount. You're missing the point. IF - I say if - you come into unexpected decent money a few years later, you will be poised to take advantage of that.
Ideally, you plan carefully since that is cheapest.
E.g. for each of age 11,12,13,14, you invest $100. Seriously, that is NOT much.
With less planning things become more expensive.
Say, at age 15, a lump sum of $2000. And so on.
Why? Matching grant.

Government of Canada will contribute a grant of an additional 20% on top of your annual contribution, to a maximum of $500 a year, until the child turns 17. The CESG applies to any amount up to the first $2,500 you contribute each year, but you may contribute as much as $5,000 per year. By the time your child is ready for post-secondary education, your savings could have grown into a significant nest egg.

D - you could ask relatives to help set up that RESP when your kid hits the terrible tweens. That sends a message to your child. You have expectations - maybe they should have expectations of themself too? Powerful stuff.

Here's an idea. Let your kid save for themselves. You set it up. If they do some sort of work in high school, you direct it to the RESP - matching grant! Voila.

Expect this to get cut when the Boomer parasite starts to weaken the Canadian society host body.


D.