Conservatives Announce Boosts to Registered Education Savings Plan

Conservative candidates in Northwestern Ontario with leader Andrew Scheer
Conservative candidates in Northwestern Ontario with leader Andrew Scheer

WINNIPEG, MB – “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”, announced Conservative Leader Andrew Scheer.

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.

Thunder Bay-Superior North candidate Frank Pullia says, “Helping our citizens get ahead by making life more affordable is a priority for the Conservative Party and this announcement will help pay for children’s education in a tangible way while also providing immediate financial support to the parents as they grow their family”

Linda Rydholm, the Thunder Bay-Rainy River candidate states, “My husband and I put money away in an education savings plan for our children, and they are glad that we did. Now, I am helping them save for the grandchildren!”

“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 $3,240in 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.”

SUPPORTING DOCUMENTS:

Background
Independent Parliamentary Budget Officer Costing