Registered Education Savings Plan (RESP)
An RESP, or Registered Education Savings Plan, is a special plan that will help you to save for your child’s post-secondary education.
The cost of post-secondary education is rising quickly. Between your work, busy life and everything that you have on your task list, you may not have time to worry about it. However, the sooner you address the issue of your child’s future education the better you are. For new parents or starters, you should take a look at the different ways you can save for your child’s education.
With the rising education costs associated with your child while sending him/her for college or university, an RESP plan can really help you to get special government benefits and grants while your savings grow tax-deferred until withdrawn. The funds are taxed at student’s hands when they are withdrawn. The student’s have low income and hence typically the funds are charged at a very low rate.
- + Tailored Investment Advice
- + Wide range of Investment Options
- + Easy contribution options
- + No Monthly Commitments
- + No Penalty on Cancellation
What are the benefits of RESPs ?
- Government grants helps the savings grow:
- Tax-deferred growth:
- The sooner you start, the more you save:
To encourage saving for higher education, the federal and provincial government offers grant and tax incentive programs - without impacting your contribution room.
You can contribute up to $50,000 per child and there are no taxes payable on the money earned in an RESP until it's withdrawn. When RESP grants and earnings are withdrawn by the child for educational purposes, they are taxed at the student's generally low tax rate.
All a child needs to become the beneficiary of an RESP is a Social Insurance Number (SIN). Look at how much more can be saved for a child's education by starting a savings plan sooner.
We off various plans to suite your needs:
- Individual Plans
- Group Plans
- Family Plans