Set your kids up for money (starting with the free stuff)
I just opened my 9-year-old's first bank account, and it got me thinking about everything I wish I'd known sooner. The government will literally put money into your kid's education savings, but a lot of families never claim it. Here's everything in one place, plus the simple habits we're using to raise money-smart kids.
All of these go into an RESP (Registered Education Savings Plan). You open one at a bank or investing platform, and they apply for the grants for you. Ask them to apply for every grant your child qualifies for.
Up to $7,200
Canada Education Savings Grant (CESG)
Everyone qualifies.
The government adds 20% on top of what you contribute.
Up to $500 a year per child (that's on the first $2,500 you put in each year, about $208 a month).
Missed years? You can catch up one extra year at a time, for up to $1,000 in grants a year.
Lifetime max: $7,200 per child.
Extra for lower and middle incomes (Additional CESG, 2025 thresholds): an extra $100 a year if adjusted family net income is under $57,375, or an extra $50 a year if it's between $57,375 and $114,750.
Timing: grants are paid on contributions up to the end of the year your child turns 17. To get grants at 16 and 17, you need to have started saving before the end of the year they turn 15.
Up to $2,000
Canada Learning Bond (CLB)
No contributions needed.
For lower-income families: $500 in the first eligible year, then $100 a year up to age 15. Max $2,000 per child.
You don't have to put in a single dollar. You just need an RESP open and to request it.
For kids born in 2004 or later. Income limit for July 2025 to June 2026: adjusted family net income of $57,375 or less for 1 to 3 kids (higher limits for bigger families).
Parents can request it until the day before your child turns 18, and your child can claim it themselves until the day before they turn 21. Missed years are paid out retroactively.
Coming in April 2028: automatic enrolment for eligible kids born in 2024 or later who don't have an RESP by age 4.
In 2022, 58% of eligible kids never received it.
$1,200
BC Training & Education Savings Grant (BCTESG)
BC families.
A one-time $1,200 for kids living in BC.
No contributions needed.
The window is short: apply between your child's 6th birthday and the day before they turn 9.
Your child needs a SIN, and the RESP provider has to offer the BC grant (most big banks do).
Live in Quebec? Look up the Quebec Education Savings Incentive (QESI) too.
How to claim it
01Get your child a SIN (free, through Service Canada).
02Open an RESP. A family plan works if you have more than one kid.
03Ask the provider to apply for the CESG, the Canada Learning Bond and any provincial grant.
04Set up an automatic contribution, even a small one. $208 a month gets the full $500 CESG each year.
05Missed years? Contribute a bit extra to catch up (up to $1,000 in grants a year).
the free-money check
How much free money can you get?
$0$500
yearly CESG
$340
$240 basic + $100 Additional CESG
estimated grants until age 17
$6,120
Assumes no CESG received so far. Includes this year; CESG is capped at $7,200 lifetime. Previous grants reduce your remaining room.
You may also qualify for the Canada Learning Bond (up to $2,000), with no contributions needed.
Estimate only. Doesn't include investment growth or catch-up grants.
02
Money habits by age
Free money is the easy part. The habits are what stick. Here's what we're doing (or plan to) at each age.
Ages 3–5
Make money something you can see and touch
Three jars: spend, save, give.
Let them hand over the money at the till.
Count coins together. Play store at home.
Ages 6–9
Give them their own money to manage
A small allowance or paid extra jobs. Consistency matters more than the amount.
A savings goal chart for something they really want.
Open their first bank account and let them check the balance themselves.
Teach compound interest by paying them interest: "Bank of Mom" pays a little extra each month on what they save. (See my Wealthsimple setup below.)
Ages 10–13
Let them make small decisions (and small mistakes)
A debit card with spending limits you set.
Give them the grocery list and a budget for one meal, and let them compare prices.
Let them choose where the "give" money goes.
Let them make a purchase they'll regret. A $20 lesson now beats a $2,000 one later.
Ages 14–17
Get them ready for real-world money
First job: help them get a SIN and understand their first pay stub.
Have them file a tax return. Earned income creates RRSP room they can use later.
Talk about how credit works before they get their first card.
At 18, TFSA room starts adding up. Help them open one.
03
My setup. Wealthsimple kids account
What I use (I've been a client since 2016)
I opened a Wealthsimple kids & teens account for my 9-year-old. He gets his own physical card, I set the spending limits, and he can check his balance himself.
Interest top-up: his account earns the regular rate, and I use a slider to top it up to 10%. I pay the difference from my own account on the 1st of each month. He gets to watch compound interest actually work.
$20 a month from age 9 to 18
about $2,285
at 1.25%
about $3,481
at 10%
That extra ~$1,200 is the cheapest money lesson I'll ever pay for.
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