RESP Benefits
A Registered Education Savings Plan (RESP) is a special savings account to help Canadian residents save for a child’s post-secondary education.
Benefits include:
- Help you systematically save and plan for a child’s education
- Tax-sheltered growth – there are no taxes payable on the money earned in an RESP until it’s withdrawn
- Government Grants – Government matches 20% (additional 10% in Quebec) of RESP contributions up to $2,500 each year and to a lifetime maximum of $7,200
- Additional Grants available for low-income families
- Ability to catch up for any prior years you missed contributing
- Save on your own schedule - No pre-defined savings structure within a lifetime contribution limit of $50,000
- RESP loans can be used to maximize the Government Grant
- Most part-time and full-time post-secondary education qualifies for purposes of a withdrawal
- With a Family RESP, if one sibling doesn’t pursue post-secondary education, other siblings can use their grant money
Let me help you make the best choices based on your needs and your situation.
