Andrew Scheer announces plan to boost the RESP

A new Conservative government will expand RESP so parents can get more for their kid’s education

A new
Conservative government will boost the Registered Education Savings Plan (RESP),
putting more money in the pockets of hard-working Canadian parents trying to
save for their children’s education, Conservative Leader Andrew Scheer
announced today.

Under the Conservative plan,
the government’s contribution to an RESP will rise from 20 per cent
to 30 per cent for every dollar invested up to $2,500 a year. This change
will boost the maximum annual grant from $500 to $750.

“For most parents, sending their kids to college,
university, or trade school is the culmination of years of scrimping and
saving,” Scheer said. “By boosting the RESP, a new Conservative government will
put more money in the pockets of parents working hard to help their children
get ahead.”

Under the Conservative plan:

A couple who begins contributing $25 a month to an RESP right
after their child’s birth will receive $1,620 by age 18. That’s $540 more
than they would receive currently.

Another couple that is able to invest $50 a month will receive $3,240
in government contributions by age 18. That’s $1,080 more than they
would receive currently.

Low-income parents will receive 50 per cent
on the first $500 they invest every year. Today, they only receive 40 per
cent.

“RESPs are the most effective way parents can save
for their children’s education and more and more working families are investing
in RESPs every year,” added Scheer. “A new Conservative government
will help you and your family get ahead. We will make sure that Canadians can
give their kids a smart start.”

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