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Tax-sheltered growth – there’s no taxes payable on the money earned in a RESP until it’s withdrawn
Government Grants – Government matches 20% 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 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.

Recent Posts

Subscribe To Our Mailing List