Comments on: RESP – Additional Grants

By: Four Pillars

Four Pillars — Wed, 15 Apr 2009 12:33:28 +0000

Hi Donna – I answered your question in a post.

http://www.moneysmartsblog.com/2009/04/15/resp-contributions-and-a-reader-question/

By: Donna

Donna — Thu, 09 Apr 2009 17:35:43 +0000

Hello. I have 3 children, 15, turning 17 and an 18year old.
I am divorced and we had to liquify our RESP 12 years ago.
Since then their father had passed and left a little insurance money.
Is there anything that would be worthwhile in investing into the
RESP now and can it be backdated?? Any suggestions?
Looks like all 3 will be going to post secondary…2 university for
sure.
Help!

By: Four Pillars

Four Pillars — Mon, 15 Dec 2008 04:49:34 +0000

Yes, good point Daliss – I need to update the post for the Quebec grant.

By: Daliss

Daliss — Mon, 15 Dec 2008 02:41:41 +0000

What about the Quebec Gov’t grant:
(From Morningstar) “More recently, for residents of Quebec, a refundable tax credit known as the Quebec Education Savings Grant was introduced in 2007 as a complement to the CESG. The Quebec grant offers a maximum annual amount of $250 (with an additional $50 for middle-income and low-income families) and a maximum lifetime grant of $3,600 — or 50% of the CESG — and is payable for any RESP contribution made since February 21, 2007.”
http://www.revenu.gouv.qc.ca/eng/ministere/centre_information/nf/nf2007/in-136_76/credit_epargne_etudes.asp

By: Four Pillars

Four Pillars — Tue, 09 Dec 2008 17:07:52 +0000

Lou, that is correct. Not all financial instituations offer all the different types of grants.

You will have to find another institution that does offer those grants and set up an account with them.

By: Lou Jaramillo

Lou Jaramillo — Tue, 09 Dec 2008 15:34:19 +0000

Hi Mike,

I contacted RBC Direct my financial institution and they told me I can not get the Canada Learning Bond for my two kids, because RBC Direct has not got that benefit registered. Does it mean that depending on the institution you get these additional grants.

By: Four Pillars

Four Pillars — Thu, 09 Oct 2008 15:36:50 +0000

Daniel – errr…yes -you are correct!

Thanks for catching that – I’ve changed the example.

At least I got the rule correct!

By: Daniel

Daniel — Thu, 09 Oct 2008 14:57:57 +0000

Question on your example:

If the 10% grant is only on the first $500 of Basic CESG per year, then shouldn’t the additional grant be $50?

Thanks for the great information in this series!

By: RESP Contributions

RESP Contributions — Sun, 18 Nov 2007 03:18:59 +0000

[...] the next Big RESP Series post we’ll take a look at additional grants that [...]

By: RESP - Withdrawals

RESP - Withdrawals — Fri, 26 Oct 2007 09:03:22 +0000

[...] This post is part of the Big RESP Series. See the previous post on additional grants. [...]