When it comes to saving for your child’s education, few tools are as powerful—or as overlooked—as the Registered Education Savings Plan (RESP). With government grants available at both the federal and provincial levels, many families are eligible for thousands of dollars in support. The best part? You may not even need to contribute a cent to access some of it.

Let’s break down the most important components so you can make the most of this opportunity.

Start with the BCTESG: A $1,200 Grant for BC Families

If you're a BC resident with a child aged 6 to 8, you could be eligible for a $1,200 deposit into their RESP through the B.C. Training and Education Savings Grant (BCTESG)—no personal contributions required.

Who’s eligible?

• The child and parent/guardian must be BC residents

• Both must have valid Social Insurance Numbers (SINs)

• The child must apply between their 6th and 9th birthday

Example Deadlines by Birth Year:

Child’s Birth Year	Apply By
2016	Before 9th birthday in 2025
2017	Before 9th birthday in 2026
2018	Before 9th birthday in 2027
2019	Starting from 6th birthday in 2025

To apply, contact your financial institution, confirm they offer the grant, and open an RESP if you haven’t already.

Canada Learning Bond: Up to $2,000 for Low-Income Families

If your family qualifies as low income, the Canada Learning Bond (CLB) offers additional help, up to $2,000 total, deposited directly into your child’s RESP.

Key Features of the CLB

• No personal contributions required

• $500 deposited for the first eligible year

• $100/year added for each following year (up to age 15)

• One-time $25 to help cover RESP account setup

Other Eligible Beneficiaries

• Youth aged 18–20 who meet the income criteria can apply themselves

• Children in care receiving special allowance payments may also qualify

• Child must be born in 2004 or later and under 21 at the time of application
  
  

New EAP Limits Mean You Can Access More Funds Sooner

Educational Assistance Payments (EAPs) are how RESP beneficiaries (i.e., students) receive funds for their post-secondary expenses. In 2023, the federal government increased the limits to give students greater flexibility:

Study Type	New EAP Limit (First 13 Weeks)
Full-time	$8,000
Part-time	$4,000

After 13 consecutive weeks of full-time studies, there’s no limit on EAP withdrawals as long as the student remains enrolled.

Don’t Miss the CESG: Canada’s Signature RESP Grant

The Canada Education Savings Grant (CESG) offers 20% matching on the first $2,500 you contribute annually to an RESP, up to a lifetime maximum of $7,200 per child. However, if your child is 16 or 17, you’ll need to meet certain contribution requirements to qualify:

CESG Eligibility Rules (Ages 16–17):

At least one of these must be true before the end of the year your child turns 15:

• You contributed at least $2,000 total (and didn’t withdraw it)

• You made $100 annual contributions for at least 4 different years

If you miss those benchmarks, your child may miss out on the CESG entirely.

What Happens If Your Child Doesn’t Go to School?

RESPs are designed for post-secondary education, but plans can change. If the beneficiary doesn’t attend a qualifying program:

• CLB and CESG funds are returned to the government

• Your personal contributions can still be withdrawn

• Investment gains may be transferred to your RRSP (subject to conditions)

That’s why it’s crucial to review your RESP strategy regularly and talk to a qualified professional about your options.

Final Thoughts: Open the Door to Opportunity

An RESP isn’t just a savings account—it’s a gateway to thousands in government support. Whether your child is 6 or 16, it’s not too late to take advantage of grants like the BCTESG, CLB, and CESG.

Need help navigating your RESP options? Speak to a Portfolio Manager or contact anyone from our team here at Capstone Asset Management; we’re here to guide you through it.