RESP - Getting Started:
The Government of Canada will add money to your child's savings when you open a Registered Education Savings Plan (RESP) account. The Canada Education Savings Grant could add 20 to 40 cents to every dollar you save. To get the most from your RESP you should start saving early!
Can't afford to save for your baby or toddler right now? If your family income is less than $36,378, the Canada Learning Bond will get you started by depositing $500 when you open your child's RESP account.
Find out how much you'll need to save to cover the cost of higher education.
Here’s how to get your child’s money:
Get a Birth Certificate for your child:
Birth certificates are issued by the provincial or territorial government where your child was born. Contact your provincial or territorial government to obtain a birth certificate for your child.
Get a Social Insurance Number for your child:
There is no charge for a Social Insurance Number (SIN). Even a baby can have one! Apply for your child’s SIN or visit your local Service Canada centers.
Open a Registered Education Savings Plan (RESP):
RESPs are available through certified financial planners, financial institution, or companies that specialize in what are called group plan or scholarship trust RESPs. Ask your RESP provider to apply for the CLB on behalf of your child.