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Saving for your children's education is a priority for many parents, and like most things in life, the earlier you start, the easier it is!

A Registered Education Savings Plan is a tax-sheltered investment that your kids, your grandchildren or any related child can access to cover full-time post-secondary education. The principal advantages of RESPs are the access to the Canada Education Savings Grant (CESG) and a source of tax-deferred income. You can choose the investments of the make up your Plan's portfolio and invest a lifetime maximum of $50,000 per beneficiary.

A Registered Education Savings Plan:

  • Can be built up with regular payments of as little as $25
  • Is sheltered from tax while invested
  • Includes investment funds, GICs or operate as a low-risk daily interest savings account
  • Can be design for an individual or an entire family.
  • Can be used by yourself if you return to education (under certain conditions)
  • Can afford you an advantage over rising college or university fees


Why choose a Registered Education Savings Plan (RESP)

A Registered Education Savings Plan (RESP) is a highly tax-effective way of saving for the expenses of your child's post-secondary education. The money invested can be used for any education expense; fees, accommodation, travel, books, etc.

The Canada Education Savings Grant (CESG) is provided to complement RESP contributions, wherein the government of Canada contributes 20% of the first $2,500 in annual contributions made to an RESP. This income is available upon withdrawal from the RESP by the child attending school at a qualifying institution. There is a maximum lifetime contribution of $50,000 per beneficiary. Any contributions over this amount are subject to taxation.

Contributions are not tax-free, but the invested money grows tax-free until it is withdrawn by the beneficiary. In addition, if you contribute to a RESP, the beneficiary usually qualifies for a Canada Education Savings Grant, and possibly a Canada Learning Bond or a state education savings incentive, depending on your family income.

The government of Canada also provides a Canada Learning Bond (CLB) to encourage low-income families to contribute to an RESP. Families with children born on or after January 1, 2004, and who receive the National Child Benefit, will receive an additional $500 CLB when they open an RESP and $100 for each year they remain eligible.
And remember, every Canadian over 18 can also have a RESP too!

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Fax: 1 519 425 1207

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