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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Canada Education Savings Grant


Synonyms:additional canada education savings grant, basic canada education savings grant, education savings grant
Acronyms &
abbreviations:
CESG
Relevant locations:Canada
Filed Under: financial-banking, government, investments
Tags: academic, investment
 
Broadly associated with: [Government of Canada]
Narrowly associated with: [Human Resources and Skills Development Canada]

Definition of Canada Education Savings Grant (CESG)

Canada Education Savings Grant (CESG)
1. A federally introduced program in which the Government will invest, in the form of grants, with parents who save for their children's education through Registered Education Savings Plans (RESPs). The government will add to contributions made by parents to an RESP by 20% up to a yearly maximum of $400 per beneficiary.

Related Terms and Acronyms:

  • accumulated income payment (AIP)   A payment of the income earned from an RESP, usually paid to the subscriber.
  • Canada Learning Bond (CLB)   A grant offered by the Government of Canada to help parents, friends, and family members save early for the post-secondary education of children in modest-income families.
      ➥  See also Canada Education Savings Grant (CESG).
  • Education Savings Plan (ESP)   A savings vehicle used to save for a child's post-secondary education.
      ➥  Offers tax-free earnings.
  • needs approach   A way of determining how much life insurance an individual should purchase by examining the future obligations and needs of the beneficiaries.
  • Registered Education Savings Plan (RESP)   An investment vehicle used for a child's post-secondary education.
      ➥  RESPs are offered by most financial institutions in Canada.
  • tax-sheltered   A savings or investment plan that offers significant tax savings.
  • trust   A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.
  • tuition insurance   Insurance that covers tuition costs if a student is required to leave school in the middle of a semester.

Broad and Narrow Associations

[Government of Canada]
  • Canada Mortgage Bonds (CMB) — Est. 2001, Canada, Very Important   A fully guaranteed fixed interest rate income investment backed by CMHC (a crown corporation of the Government of Canada).
      ➥  Issued by the Canada Housing Trust (CHT).
  • Registered Retirement Savings Plan (RRSP)Canada, Very Important   A savings plan introduced by the federal government to encourage Canadians to save money for retirement. The investment and the interest earned on it is sheltered: it will not be taxed as long as it is left in the plan.
      ➥  Tax deferred investment contribution used to reduce income tax.
  • Registered Education Savings Plan (RESP)Canada, Very Important   An investment vehicle used for a child's post-secondary education.
      ➥  RESPs are offered by most financial institutions in Canada.
  • Canada Mortgage and Housing Corporation (CMHC)Company Est.1946, Canada-wide, Very Important   The Canada Mortgage and Housing Corporation: this is a Federally run institution that provides banks and lenders with mortgage insurance. Not to be confused with life or property insurance. In the event of default or foreclosure CMHC assumes responsibility of the property and reimburses the bank/lender the entire mortgage amount. This insurance is required generally when you have less than 25% equity or down payment. This insurance is paid by the property owner in advance but usually added to the mortgage amount. See also "G.E. Capital."
      ➥  Insures Canadian mortgage lenders.
  • Home Buyers' Plan (HBP)Canada, Very Important   A way for a homebuyer to use part of his or her RRSP as a down payment on a mortgage.
      ➥  Government assistance for first-time homebuyers.
[Human Resources and Skills Development Canada]
  • Registered Education Savings Plan (RESP)Canada, Very Important   An investment vehicle used for a child's post-secondary education.
      ➥  RESPs are offered by most financial institutions in Canada.
  • Canada Student Loans Program (CSLP) — Canada
      ➥  (Human Resources and Skills Development Canada)
  • human resources and social development canada (HRSDC) — Canada
  • Canada Learning Bond (CLB) — Canada   A grant offered by the Government of Canada to help parents, friends, and family members save early for the post-secondary education of children in modest-income families.
      ➥  See also Canada Education Savings Grant (CESG).
  • Canada Student Financial Assistance Regulations (CSFAR) — Canada, Low Relevance

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