Help Your RESP Grow With The Canada Child Benefit
Every parent wants the best for their child. While post-secondary education is one of the best ways to give them a head start — it’s an expensive one. Finding the extra money each month can be difficult. This is where the Canada Child Benefit (CCB)* can help. Why not consider using a portion of the CCB to boost your RESP?
By putting a portion of money from the CCB into an RESP, you can start investing in your child’s future earlier. And, the earlier you start saving, the earlier you can take advantage of government grants and compound growth. That means more in the end.
Based on an annual income of $60,000 and a child under the age of 6, you are eligible to receive up to $358 per month as part of the CCB. And if your child is between the age of 6 through 17, you are eligible to receive up to $275. Using this additional money to grow your education savings is an affordable way to invest in your child’s future.
CCB can help get you there:
*Canada Child Benefit (CCB) is a non-taxable benefit. CCB is calculated based on net family income and the age of your child. Please visit www.cra-arc.gc.ca/cctb/ for more details.