Canada Education Savings Program part 2: Summary of the final evaluation report

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• About the program
• Key findings
• Recommendations

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About the program

The Canada Education Savings Program (CESP) provides incentives to encourage Canadians to save for their children’s post-secondary education. The program comprises 2 education savings incentives linked to Registered Education Savings Plans (RESP):

1. the Canada Education Savings Grant (CESG), which includes the Additional CESG; and
2. the Canada Learning Bond, which is a payment made to an RESP for low-income families. It provides a $500 initial payment and $100 for each year of eligibility

Key findings

An increasing number of parents and caregivers are interested in the CESP education savings incentives. The CESG take-up rate increased by 9.5 percentage points between 2012 and 2021, from 45.6% to 55.1%. However, while access to the CESG has improved over time, low-income families are less likely to benefit.

The CESG positively influences enrolment and completion of post-secondary education. CESG beneficiaries are more likely to access post-secondary education and to graduate from a post-secondary education institution.

The likelihood of saving for post-secondary education increases with parental education and family income. Most parents who save for their children’s education have an RESP. Still, some parents also rely on other savings vehicles or approaches.

On average, a lower proportion of students who received the CESG (32.7%) received a loan from the Canada Student Financial Assistance (CSFA) program compared to students who did not receive the CESG (40.8%). Of those who received a CSFA loan, average student loan amounts were 8% lower among CESG beneficiaries relative to non-beneficiaries.

Non-financial barriers such as low parental education, poor academic performance, living in remote areas, and certain cultural influences prevent people from accessing post-secondary education. Low-income families and other distinct population groups are more likely to face these barriers.

Recommendations

1. Explore ways of increasing take-up of education savings incentives
2. Explore outreach opportunities to increase awareness of education savings incentives and the benefits associated with pursuing post-secondary education, with a focus on groups facing barriers

You can consult the full report: Canada Education Savings Program part 2: Final evaluation report.