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PLANNING FOR MY lIFE EVENTS

 
 

 
 


Saving for your children’s education early on can save you, and your children, the burden of paying off the debt of an education loan years after they have graduated.  Opening a Registered Education Savings Plan (RESP) not only helps you put money aside for your child’s education, it also has the opportunity to grow, and to take advantage of the Canada Education Savings Grant (CESG).

Here are some reasons why you should consider an RESP for your child:
  1. You can receive up to $500 annually per beneficiary through the CESG and other government incentives
  2. You can contribute up to $50,000 per child to an RESP
  3. Your RESP can be invested in a wide range of GICs and mutual funds that can help your money grow faster than in a regular savings account
  4. There are no account fees
  5. Your contributions will grow tax-deferred
  6. When grants and earnings in the RESP are withdrawn to pay for your child’s education, they are taxed at your child’s tax rate, which is typically very low.
  7. A single RESP can be used for one beneficiary or multiple through the Family Beneficiary Plan

Your advisor will guide you through the benefits and process of setting up an RESP while helping you choose the right options for you and your family.

 
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