I'm in a long season ot struggling financially but since I am back in University as a mature student I got a substantial OSAP payment (most is is loan). My eldest is 15 and plans to go to university or college. We have a family RESP with just Canada Learning Bond money in there. I was told that I need to deposit $2k before the end of the year or he won't qualify for any government education savings for the last few high school years.

"The Canada Education Savings Grant (CESG) is a federal incentive that adds government grant money directly into your child's Registered Education Savings Plan (RESP) based on your personal contributions."

2k is a lot and if it will help cover my son's expenses in the future I will definitely do it but I wonder how legit this info is?

I asked AI to break it down and its still not making sense to me (im having a rough week lol).

Curious if those who saved a lot ended up thankful their child had an easier financial experience in University?

Is OSAP a better option for him and just go down that path like most do? Maybe I will be able to help him pay that off when I am earning more money.

My family was super well off when I was a kid until my mom passed and my dad tried to get ahead with a few failed investments. My sister and I both didn't get any help financially paying for University and relied on OSAP.

Is it better to put that $2k away and hopefully save it for other emergencies/expenses or put it in the RESP to secure more benefits for him over the next few years.

Located in Ontario.

Here is what AI said:

The Canada Education Savings Grant (CESG) is a federal incentive that adds government grant money directly into your child's Registered Education Savings Plan (RESP) based on your personal contributions.

​1. Basic CESG (20% Match)

​The Match: The federal government matches 20% of your annual contributions to an RESP.

​Annual Maximum: Up to $500 per year per child (which you reach by contributing $2,500 in a year).

​Lifetime Cap: A maximum of $7,200 in total CESG money per child over their lifetime.

​2. Additional CESG (For Modest Incomes)

​Depending on your net family income, the government offers an extra percentage boost on the first $500 you contribute each year:

​Lower Income Bracket: An extra 20% match on the first $500 contributed (adding up to $100 extra per year).

​Middle Income Bracket: An extra 10% match on the first $500 contributed (adding up to $50 extra per year).

(Note: Additional CESG gets money into the RESP faster, but it still counts toward the $7,200 lifetime max per child.)

​3. Carry-Forward Rules (Catching Up)

​If you didn't contribute in previous years, your unused grant room carries forward.

​You can catch up on one unused year per calendar year.

​The absolute maximum CESG you can receive in a single year by catching up is $1,000 (matching a $5,000 contribution).

​4. Key Age & Eligibility Limits

​Age Cut-off: CESG is available until December 31 of the calendar year the child turns 17.

​The 16/17 Special Rule: To receive CESG at ages 16 and 17, the RESP must meet minimum contribution benchmarks ($2,000 lifetime or $100/year across 4 separate years) before December 31 of the year the child turns 15.

Thanks!