Canada Education Savings Grant (CESG)

Did you know that the government will pay you to save for a child’s education?

If the child is a resident of Canada, has a valid Social Insurance Number, is 17 yrs old or younger, and is named as the beneficiary of the Registered Education Savings Plan (RESP), then the government will contribute 20% of the RESP contribution up to a maximum of $500 per year. Additional amounts may be available for middle to low income families.

See full details at Canada Education Savings Grant

Canada Pension Plan enhancement

At the present time, the CPP retirement pension is structured to replace approximately one-quarter of your average work earning. In 2019, the CPP will grow to replace one-third of your average work earnings. If you contribute to the enhanced CPP for 40 years, you will get the full increase which will be more than 33%.

From 2019 to 2023, employees will see a gradual increase in CPP deductions, from the current rate of 4.95% to 5.95%. Employers will see the same increase as their employees.

These enhancements will also increase the CPP disability benefit and the CPP survivor’s pension.

For full details visit Canada Pension Plan enhancement on the Government of Canada website.

More info on the CPP enhancement

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