A new Conservative government will expand RESP so parents can get more for their kid’s education
A new Conservative government will boost the Registered Education Savings Plan (RESP), putting more money in the pockets of hard-working Canadian parents trying to save for their children’s education, Conservative Leader Andrew Scheer announced today.
Under the Conservative plan, the government’s contribution to an RESP will rise from 20 per cent to 30 per cent for every dollar invested up to $2,500 a year. This change will boost the maximum annual grant from $500 to $750.
“For most parents, sending their kids to college, university, or trade school is the culmination of years of scrimping and saving,” Scheer said. “By boosting the RESP, a new Conservative government will put more money in the pockets of parents working hard to help their children get ahead.”
Under the Conservative plan:
- A couple who begins contributing $25 a month to an RESP right after their child’s birth will receive $1,620 by age 18. That’s $540 more than they would receive currently.
- Another couple that is able to invest $50 a month will receive $3,240 in government contributions by age 18. That’s $1,080 more than they would receive currently.
- Low-income parents will receive 50 per cent on the first $500 they invest every year. Today, they only receive 40 per cent.
“RESPs are the most effective way parents can save for their children’s education and more and more working families are investing in RESPs every year,” added Scheer. “A new Conservative government will help you and your family get ahead. We will make sure that Canadians can give their kids a smart start.”