Saving & Investing

Saving for a child's education

A post-secondary education is an important step to ones’ success, and helping a child realize that goal is a great achievement.

But the cost of higher education is rising, and tuition alone can be quite expensive. The average university tuition in Canada is approximately $5,7001 a year and that doesn’t include books or living expenses.

With the right planning, you can make saving a part of your routine and help your education savings grow.


Here are our suggestions to help save for a child’s university or college education

Start Saving Today

Start by opening a Registered Education Savings Plan(RESP) for a child. An RESP is an account registered with the Government of Canada to help you save for a child’s post-secondary education. When you contribute to an RESP, you become eligible for government grants that can amount to thousands of dollars for a child’s future education.


The government gives you a basic grant of 20% on the first $2,500 of annual contributions to an RESP. That's up to $500 per beneficiary each year to a lifetime limit of $7,200 towards a child's education.

Start saving for your child's education with the Universal Child Care Benefit increase.

The enhanced UCCB can be a great way to start saving for a child’s education.

Age 0 – 5 $160 per month RESP at TD. Age 6 – 17 $60 per month

Starting in January 2015, the government added $60 on top of existing UCCB payments for parents.2 Children between 0-5 will receive up to $160 monthly and those 6-17 will receive up to $60. That’s a total of up to $20,160 per child in lifetime benefits.

With an Education Savings Plan, you're eligible to receive the Canada Education Savings Grant (CESG), which matches 20% of annual contributions up to a maximum of $500 per year and $7,200 lifetime limit, per child. That means you could receive up to $4,0323 in CESG benefits per child when you contribute your full UCCB payments from age 0 to 17 amounting to $20,160 to an RESP.4

= $20,160 + $4,032

On July 20th, you could be eligible for a lump-sum retroactive payment for the first 6 months of 2015, plus your July payment. So start or increase your education savings by putting your UCCB into a RESP at TD.

Want to know how much you could save for a child in an RESP?

Try the Education Savings Calculator

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