ESDC administers two education savings incentives linked to RESPs:
- The Canada Education Savings Grant (CESG), which consists of a basic grant amount of 20% on the first $2,500 in annual contributions to an RESP. This education incentive is available to all eligible Canadians regardless of family income. An additional amount of CESG of 10% or 20% is available to children from middle and low income families. The CESG is available until the calendar year in which the beneficiary turns 17. The maximum lifetime amount, including the additional amount of CESG, is $7,200.
- The CLB, which is available for children from low-income families born in 2004 or later. This education savings incentive consists of an initial payment of $500 plus $100 for each year of eligibility, up to age 15, for a maximum of $2,000. No personal contribution is required to receive the CLB.