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I am on welfare. Can I open an RESP without losing my benefits?

OUR ANSWER

Rest assured, opening an RESP and receiving education savings grants has, in most cases, no effect on the other benefits you receive from the Government of Canada and the Government of Quebec.1

Kaleido also offers families of more limited means a no-charge, no-commitment RESP to receive the Canada Learning Bond (CLB). This is a generous grant of up to $2,000 per child that eligible families can access without having to contribute a single penny. Read our article “The CLB grant 101” to learn about the criteria that determine eligibility to receive this grant. 

Contact one of our scholarship plan representatives today to learn more. They will gladly answer all your questions and offer expert advice!

Legal Notes

The RESP is one of the exemptions in the calculation of liquid assets used to determine eligibility for the Social Assistance Program. However, excluded liquid assets cannot exceed the sum of $60,000. For more details, go to http://legisquebec.gouv.qc.ca/en/ShowDoc/cr/A-13.1.1,%20r.%201.