Let’s be honest, school is freakin’ expensive. You know it, we know it, and the Canadian government knows it too.
This is why the federal government has several grants that can help you get more money to pay for AND in the interest of keeping it honest, you are ENTITLED to this money. Let’s review the most common grants, shall we?
Canada Education Savings Grant (CESG)
The CESG is money the Government of Canada matches monthly in your RESP to help pay for my post-secondary education (full- or part-time). How does it work though? Each year, the government will provide 20% of your RESP contributions of up to $2,500 via the CESG. Aka the CESG can add a max of $500 (20% of $2,500 contribution) to your RESP each year, or a lifetime max of $7,200.
Middle- and low-income families might be eligible to get an additional amount through the Additional Canada Education Savings Grant (ACESG). This will depend on the adjusted income level of the (usually the parent!)
< $50,197 income level = 20% matching for first $500.
$50,197 - $100,392 income level = 10% matching for the first $500.
Am I Eligible?
That sounds dreamy! What do I need to apply?
You need to be a resident of Canada
You must have a valid Social Insurance Number (SIN)
You need to complete the Canada Education Savings Grant (CESG) application form with the help of the RESP (i.e. whatever institution you have an RESP with)
Canada Learning Bond (CLB)
The Canada Learning Bond or CLB - is a $500-$2,000 grant from the government to help pay for college, university or trades school.
If you’re eligible, you’ll unlock a minimum of $500. No catch - you’re entitled to this money. The bond works by depositing money for each eligible child into a Registered Education Savings Plan (RESP). In the first year, the CLB deposits $500 per child and $100 per child every year until each child turns 15.
You can get a maximum of $2,000 per child BUT you need to have filed your taxes to get this money.
Am I Eligible?
Okay, okay how do I apply? Well, you need to:
Be born in or after 2004
Come from a family with a modest income (< $50,1970 a year). This changes depending on the number of kids in a family so be sure to check with the government if you’ve got more than three children in your famjam!
Be a resident of Canada
Have a valid Social Insurance Number (SIN)
be named as a beneficiary in a RESP
Canada Student Grant (CSG)
The CSG is available for full-time students in financial need. You are automatically assessed when you apply for student aid with your province or territory.
The amount of money available may change from year to year, currently you’re eligible for up to $6,000 per year or $750 for each year of study!
Am I Eligible?
Let’s see, do you meet the following requirements?
have a financial need
are a full-time student in a qualified program at a designated school
your family size and income matches the following levels
Family size (number of people)
For maximum grant
For grant cut-off
Up to $63,615
Up to $89,004
Up to $106,278
Up to $117,021
Up to $126,929
Up to $136,326
Up to $144,457
*More info, or a bigger fam? Check out this page!
How Can I Get This MONEY!?
The CSG has the easiest application and is automatic when you apply for provincial student aid. Here’s a helpful list of provincial / territorial aid providers and the ways you need to apply.
The other grants, CESG and CLB, are only unlocked when you have an RESP. An RESP is an account to help parents and students save for future education. You can learn more about RESPs by reading our article here.
Like we mentioned, you need to contribute to an RESP to unlock that CESG matching. You need to apply using the CESG application form with your RESP provider (aka who you opened the account with!)
For the CLB the payment will be automatically contributed into your RESP in approximately 30 days once you’ve applied and are confirmed as eligible. Didn’t get it but think you’re eligible? Check with your directly. YOU ARE ENTITLED TO THIS MONEY!