Québec is the largest province in Canada by size and second largest in the country by population (8.2 million). Québec is also the only province that is predominately French-speaking. While Canada has two official languages, English and French, in Québec, French is the sold official language.
Most people in Québec live in major city centres near the Saint Lawrence River and between Montreal and Québec City, the provincial capital. With a population just over four million, Montreal is Canada’s second-biggest city, and, next to Paris, is the second-largest French speaking city in the world.
Québec is home to a large number of colleges and universities. McGill University, in Montreal, is ranked the 30th best university in the world.2 Other top educational institutions in the Province of Québec include: Université de Montréal, Université Laval, Concordia University, Université du Québec à Montréal, Bishop’s University, Université de Sherbrooke, Université du Québec à Trois-Rivières.
If you are new to Québec and want to send your child to a recognized college or university, the best way to save money for their costs is to open a Registered Education Savings Plan (RESP) and to start making regular contributions to it.
An RESP is a savings plan that helps a parents, relative, or family friend save for a child’s post-secondary education. Through an RESP, you can contribute $2,500 annually toward their education up to a maximum of $50,000.
You don’t have to be a Canadian citizen to open an RESP. If you are a permanent resident or a landed immigrant, you can open an RESP for your child.
On top of that, through the Canada Education Savings Grant (CESG), the Canadian government will match 20% of any RESP contributions until the beneficiary turns 17 years of age. This translates into an additional $500.00 annually, to a lifetime maximum of $7,200, in free money deposited to the child’s RESP.
The recipient can also receive additional free money from the Canadian government through the Additional Canada Education Savings Grant if the child comes from a low-income and middle-income family.
The money is added directly to the child’s RESP and is in addition to any money they receive through the Basic CESG.
The Québec Education Savings Incentive (QESI) is a provincial grant that encourages Québec families to start saving early for their child’s post-secondary education.
Through the Québec Education Savings Incentive annual RESP contributions of up to $2,500 are eligible for a tax credit of 10%. Lower-income families are eligible for a five percent to 10% increase on the first $500.00 contributed annually to the RESP. These contributions are paid directly into the RESP with a provider that offers QESI
For the credit to be paid to your account, the trustee of the RESP must apply for it with Revenu Québec.
If you live in Québec and are interested in opening an RESP and saving for your child’s post-secondary education, your local Dealing Representatives at Global RESP Corporation (GRESP) are there to help.
A leading provider of RESPs in Canada, GRESP is also one of the fastest-growing companies in the RESP industry. With offices in St. Laurent, the experienced Dealing Representatives at GRESP are dedicated professionals who specialize in RESPs. We are also one of the only companies that administers all provincial and federal grants available.
GRESP offers its clients a choice of two scholarship plans that provide more innovative planning and fee options:
In addition to providing flexibility and a wide range of investment opportunities, GRESP also has one of the lowest administrative fees in the market and no minimum plan contributions. To learn more about opening an RESP, talk to a Global RESP Corporation Dealing Representative in your area. Or fill out a form and a Global RESP Corporation Dealing Representative will contact you.
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