In this section we are discussing Canada Education Savings Grant and Canada Learning Grant.


  • Canada Education Savings Grant (CESG)
    The Canada Education Savings Grant (CESG) program provides grants to Registered Education Savings Plan (RESP) contributors until the beneficiaries reach the age of 17.


  • Canada Learning Bond
    The Canada Learning Bond (CLB) program provides a $500 bond for children born to families who receive the National Child Benefit Supplement under the Canada Revenue Agency’s Canada Child Tax Benefit program.


Canada Education Savings Grant (CESG)

The Canada Education Savings Grant (CESG) is money that the Government of Canada will add to your child’s savings in a Registered Education Savings Plan (RESP).

The grant has two parts:

  1. Basic Canada Education Savings Grant

The Basic Canada Education Savings Grant will give you 20% on every dollar of the first $2,500 you save in your child’s RESP each year.

Depending on your net family income, you could receive an extra 10% or 20% on every dollar of the first $500 you save in your child’s RESP each year.


Eligibility Information

Who can get the grant?

  • All children under age 18 are eligible, as long as they are Canadian residents and an RESP has been opened for them.
  1. Special rules apply if your child is between the ages of 15 and 17. See Special Rules for Children Aged 15 to 17 Additional Canada Education Savings Grant

Canada Learning Bond

The Canada Learning Bond (CLB) is $500 offered by the Government of Canada to help start saving now for your child’s education after high school.

Plus, you child could get $100 every year until he or she turns 15 years old to a maximum of $2,000!


Eligibility Information

  • The child’s family must receive the National Child Benefit Supplement.

Children must meet the following criteria:

Financial Information

  • The children qualify for $100 Bond installments until age 15 for each year their family is entitled to the Supplement.
  • The Bond is paid into an RESP established by the family.
  • The first Canada Learning Bond payment includes an additional $25 to help cover the cost of opening the RESP account.

Application Information

  • Visit the CanLearn Web site at Service Canada to get more details on CESG.
  • Information on RESPs and CLB application procedures is available from banks, mutual fund and brokerage companies, insurance and trust companies, companies and foundations that specialize in education savings plans, and other financial institutions.

It is important and very simple to do.   Visit your financial institution and talk to a Financial Advisor, they will be happy to help you. Please take advantage of this opportunity to make your children’s education much easier.






While facilitating workshops throughout the city I am surprised at the number of  families, who do not take advantage of savings available for their children.   The Government of Canada continually sends out communications telling parents of the amount of money that is available for their children’s education.

This is done to encourage families with children to open Registered Education Savings Plan for their children’s education.

Today we will discuss Registered Education Savings Plan.


Registered Education Savings Plan (RESP)
The Registered Education Savings Plan (RESP) allows savings for education to grow tax free in a special savings plan registered by the Government of Canada until a child named in the RESP enrolls in a post-secondary education program.

Eligibility Information

Applicants must meet the following criteria:

 Application Information

  • Information on the RESP application procedure is also available through financial institutions, such as a bank or credit union.  There are also other providers.  These institutions, planners and dealers are known as “RESP providers.”

It’s a good idea to ask some questions before choosing a Registered Education Provider.

Here are a few questions you should ask when talking with a RESP provider.

  • Once I have opened an RESP, will I have to pay any fees?  If so, what are they for and how much will I have to pay?
  • Do I have to put a minimum amount of money into an RESP?
  • Do I have to make regular payments?
  • What are my investment choices?  What are the benefits of each choice? Can the value of my investment go down?
  • Can I withdraw money if I need it?  Are there any fees or penalties for withdrawing money early?
  • Can I transfer the RESP to another person, or to another RESP provider?   What is the cost to transfer?
  • What will happen to my savings in the RESP if my child does not continue his or her education after high school?
  • Does the RESP provider limit the types of qualified educational programs that I can use my RESP for?
  • What happens if I close my RESP early?
  • What if my child decides to go to school part-time?
  • Does the RESP provider offer all education savings incentives including the additional Canada Education Savings Grant and Canada Learning Bond?

Next week we will discuss all the other Savings available for families including the Canadian Learning Bond and the Canada Education Savings Grant.






Creating a SPENDING PLAN may not sound like the most exciting thing in the world to do, but it is vital in keeping your financial house in order.

Before you begin to create your SPENDING PLAN it is important to realize that in order to be successful you have to include all your financial details, no spending is too small to be listed.  It is imperative all spending is listed.

Ultimately, the end result will show where your money is coming from, how much it is where it is all going.

  1.  First, at the top of the page write down the date and amount you bring home each week, bi-weekly or monthly.    By that I mean the amount you receive in your account which is your net pay,  this is the amount you have to live on.
  2. Write down EVERYTHING you spend each day.   Most people remember their mortgage or rent payment,  but often forget the impulsive things they buy,   like a chocolate bar, the lottery tickets they buy on their way to work each morning.    I recommend that you carry a small notepad with you and write down everything you spend money on,  including lunch, magazines, and your morning coffee.    By keeping track of everything you spend money on, you will have a complete list of all your expenses, which will make it easier to create your Spending Plan.
  3. Savings:  Your savings must be included in your list of expenses?  Remember to pay yourself first;  consider it a debt you owe to you.    Have your bank do your savings automatically for you.
  4.  Your weekly,  bi-weekly or monthly income should equal the same as your expenses.   If your expenses are greater than your income, you will need to revamp your spending plan.
  5. Once you have created your spending plan your job is to make it work for you.   What are you willing to give up, to make your spending plan work?    I do not recommend stopping or modifying your savings,  if you do you are again putting yourself last. Look at the amount you spend on groceries,  cable TV, eating out.    Groceries are usually the bigger culprit; make a list of what you already have and shop accordingly, not because it is on sale.
  6. If you choose not to decrease your spending, are you prepared to take on a part-time job?    To spend more than you are making is to dig a hole while standing in the same spot,  eventually you will not be able to toss the dirt over your head and out.   You will need to go over your spending plan several times, before you get it right. Keep at it,  it is worth the effort
  7.  If you have a spouse you will have to work together to produce a spending plan that will benefit both you and your partner.
  8. Even if one person manages the day-to-day of the spending plan the partner should be aware of what is going on in that plan.
  9. After you have your spending plan as you want it,  your next step is to implement the plan.   
  10.  Set up weekly, bi-weekly or monthly meeting where you and your partner go over the plan,  you will need to visit the plan often in e beginning.    Then you can go over it at least once a month to make sure you are on tract.

Tessa- Marie Shillingford is the author of Controlling the Debt Monster. She is Personal Financial Planner, with a designation from the Institute of Canadian Bankers, and a Financial Counselor certified by the institute of Canadian Banker. She is presently a Program Facilitator of Financial Literacy at JVS Toronto. Tessa- Marie was employed by TD Canada Trust for twenty years in the retail section of the bank. During her tenure at TD Canada Trust she held various positions interacting with customers of the bank. As a Financial Advisor and Manager of Financial Services she led a group of Financial Advisors in helping customers of TD Canada Trust successfully manage their finances. Details of her book… Controlling the Debt Monster, can be found at