Boosting the RESP
Prime Minister Stephen Harper today announced that a re-elected Conservative government would double the annual matching grants provided to low- and middle-income families through Registered Education Savings Plans (RESPs) to help hardworking families save for their children’s post-secondary education.
“Our government has consistently lowered taxes and enhanced benefits for Canadian families”, said the Prime Minister. “Leaving more money in the pockets of Canadian families allows them to pay their mortgage, prepare for retirement and save for their children’s post-secondary education.”
Prime Minister Harper’s Conservative government has provided significant support to help families save for their children’s future education and cover post-secondary costs, including establishing the Canada Student Grants, reforming the Canada Student Loan Program and providing tax relief for scholarship funding and textbooks. Canada now places at the top of the OECD rankings in terms of post-secondary educational attainment, in part due to the Harper Government’s financial support for students.
“I know that Canadian families work hard to save for their children’s post-secondary education in order to give them the best opportunities in life”, said the Prime Minister. “It’s a major investment in the future and our government has been there to lend a helping hand.”
The Prime Minister noted that a re-elected Conservative government would do more to help families save for their children’s post-secondary education. In particular, a re-elected Conservative government would double the targeted Canada Education Savings Grants – the grants provided to low- and middle-income families through RESPs – by doubling the matching federal contributions for middle-income families from 10 cents to 20 cents per dollar on the first $500 contributed each year, and from 20 cents to 40 cents per dollar on the first $500 contributed each year for lower-income families.
“Doubling the matching federal contribution for low- and middle-income students with Registered Education Savings Plans will provide meaningful assistance to these families as they save for their child’s future,” he said.
Prime Minister Harper noted that Justin Trudeau and Mulcair’s NDP would raise taxes, reduce families’ take-home pay, and ultimately leave less money in Canadians’ pockets to save for important things like college or university.
“The choice is clear”, he concluded. “You have the Liberals and NDP who would raise taxes and leave families with less take-home pay, or our proven record of sound economic management and support for families who are saving for their children’s futures."