Bank of Montreal RESP
An RESP is a Registered Education Savings Plan. It allows a contributor to the plan (the “subscriber”) to save money – tax deferred – until the funds are needed to pay for a child’s (the “beneficiary’s”) post-secondary education.
With the Canada Education Savings Grant (CESG), the federal government has made a commitment to help families who are saving for a child’s post-secondary education. The federal government can contribute an additional 20% of your annual contribution, up to a maximum of $500 per calendar year per eligible child, up to the end of the calendar year in which the child turns 17 years of age.
In addition to the Basic CESG, the beneficiary may also be entitled to receive Additional CESG, Canada Learning Bond (CLB) or Alberta Centennial Educations Savings (ACES) grant if certain conditions and requirements are met.
Visit this link for more information on a BMO RESP.