RESP

Registered Education Savings Plans or RESPs is an education savings account that is registered with the Government of Canada to save for a child's education after high school.

Why save with an RESP ?

For many families, starting a Registered Education Savings Plan (RESP) while their children are young is the best way to make post-secondary school affordable. The money in the plan grows tax-free and the government offers special savings incentives.

  • Tax-free growth

RESPs let your money grow tax-free until your child becomes a qualified post-secondary student. When your student receives education assistance payments from their plan, only the child will pay taxes on the money. Since many students have little or no other income, there’s usually little or no tax paid at all.

  • Government grants

When you save with an RESP, the Canada Education Savings Grant (CESG) and other federal also contributes depending on your own contribution and your family circumstances – making your savings work harder. Everyone is eligible for the basic Canada Education Savings Grant (CESG). The basic grant matches 20% of the first $2,500 you contribute to your child's RESP each year, up to a lifetime maximum of $7,200 per child. This means $500 are added to your child's RESP every year.

How to apply for Government grants ?

Before you open the RESP, you and your child both need to have a Social Insurance Number because the government requires a SIN to register your plan so that you can start receiving government grants. you just have to provide us SIN of your child.

We'll fill the form and submit the paperwork to register your plan with the government and any grants you qualify for will be deposited directly into your child's plan depending on your income and the province you live in.

Why start early ?

You can open an RESP as soon as the child is born. The money in the plan grows tax-free and the government offers special savings incentives. Beginning to save for post-secondary education early and continuing to save regularly as your child grows can dramatically increase your savings because compounding makes a difference over time.

 

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