Canada Education Savings Grant
- A federally introduced program in which the Government will invest, in the form of grants, with parents who save for their children's education through Registered Education Savings Plans (RESPs). The government will add to contributions made by parents to an RESP by 20% up to a yearly maximum of $400 per beneficiary.
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Related Terms and Acronyms
- Accumulated Income Payment (AIP) — Acronym, Canada,
- A payment of the income earned from an RESP, usually paid to the subscriber.
- Canada Learning Bond (CLB) — Acronym, Canada,
➥ See also Canada Education Savings Grant (CESG).
- A grant offered by the Government of Canada to help parents, friends, and family members save early for the post-secondary education of children in modest-income families.
- Education Savings Plan (ESP) — Acronym, Canada,
➥ Offers tax-free earnings.
- A savings vehicle used to save for a child's post-secondary education.
- Needs Approach — Definition,
- A way of determining how much life insurance an individual should purchase by examining the future obligations and needs of the beneficiaries.
- Registered Education Savings Plan (RESP) — Acronym, Canada, Very Important,
➥ RESPs are offered by most financial institutions in Canada.
- An investment vehicle used for a child's post-secondary education.
- Tax-sheltered — Definition,
- A savings or investment plan that offers significant tax savings.
- Trust — Definition,
- A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.
- Tuition Insurance — Definition,
- Insurance that covers tuition costs if a student is required to leave school in the middle of a semester.