USC Education Savings Plans Inc. is set to begin processing Quebec Education Savings Incentive applications, the company announced on Wednesday.

The subsidiary of the International Scholarship Foundation now offers all federal and provincial Registered Education Savings Plans related grant programs.

The QESI is a refundable tax credit that acts as an incentive to encourage Quebec families to start saving early for the education of their children.

It provides children living in Quebec and enrolled in an RESP the opportunity to receive up to $3,600 for their future education. The QESI matches 10% on the first $2,500 of annual RESP contributions. An additional 5% or 10% on the first $500 contributed per year is available to families with modest incomes.

The QESI is paid by the province of Quebec directly into the child’s RESP, provided that the RESP provider is participating in the QESI program.

It is also offered by BMO Trust Company, Desjardins Trust, National Bank Financial and several other financial institutions, dealers and service providers.

IE