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Tax-sheltered growth – there’s no taxes payable on the money earned in a RESP until it’s withdrawn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