What is the maximum lifetime Canada Education Savings Grant an individual can receive?

The maximum lifetime amount of the Canada Education Savings Grant (CESG) that an individual can receive is indeed $7,200. This grant is designed to encourage saving for a child's post-secondary education through Registered Education Savings Plans (RESPs).

The CESG provides a basic grant of 20% on annual contributions to an RESP, up to a maximum of $500 per year per child, and this continues until the child turns 17 years old. The additional funds available are based on family income, which could allow for higher rates of grant matching for lower-income families. However, regardless of the additional matching grants available, the total amount available through CESG caps out at $7,200 for each eligible child over the lifetime of the RESP.

Thus, the recognition of this ceiling as part of the educational savings plan is crucial for families planning for a child’s post-secondary education, allowing them to maximize their savings potential.