Education savings & tax routes
Before (and after) student aid, four programs quietly add money for education.
- Canada Education Savings Grant — 20% match on the first $2,500/year of RESP contributions (up to $500/yr, $7,200 lifetime; catch-up room can double a year's grant).
- Canada Learning Bond — up to $2,000 for eligible lower-income families, no contributions required — just open an RESP and ask.
- Lifelong Learning Plan — withdraw up to $10,000/year from your RRSP for full-time education; it must be repaid to your RRSP on schedule.
- Canada Training Credit — a refundable tax credit that accumulates for working adults, generally covering 50% of eligible fees up to your limit.
Educational information only — not financial or tax advice. RESP providers and the CRA administer these programs.