BMO Financial Group

BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

November 29, 2010 14:55 ET

BMO Announces Availability of Quebec Education Savings Incentive to Eligible Account Holders

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2010) - BMO Financial Group today announced the availability of the Québec Education Savings Incentive (QESI) to Québec residents who hold BMO Registered Education Savings Plan (RESP) accounts. 

Introduced by the Government of Québec as an incentive for Québec families to start saving for their loved one's post-secondary education, the QESI includes contributions made by Revenu Québec of up to 10 per cent of net annual contributions paid into an RESP, up to a maximum of $250 per year. QESI also offers an additional incentive of up to $50 per year for low income families, which is added to the basic amount.

The QESI has a lifetime limit of $3,600 per beneficiary, and in order to qualify, one must be a resident of Québec on December 31 of that taxation year.

BMO will automatically apply for QESI contributions on behalf of existing clients who have made RESP contributions since February 2007, when the incentive was launched.

The QESI will initially be available to BMO Investments Inc. customers only. Clients of BMO Nesbitt Burns and BMO InvestorLine will be advised in the near future as to how they can take advantage of the program.

About BMO Investments Inc.

BMO Investments Inc., the manager of the BMO Guardian LifeStage Class mutual funds, is a member of BMO Financial Group and part of the organization's Private Client Group. The Private Client Group provides integrated wealth management services in Canada and the United States and had total assets under management and administration of $251 billion as at July 31, 2010.

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