Saving for your child’s education without losing any sleep

With tuition fees rising faster than salaries, worrying about the cost of a child’s education can cost you a good night’s sleep. Fortunately, saving for post-secondary education in Canada is easy – thanks to Registered Education Savings plans, better known as RESPs.

Invest in your child’s future

A post-secondary education can be expensive. One way to manage these costs is to have an effective and flexible savings plan. RESP is an excellent saving tool for post secondary education. This is the most valuable gift you could offer your children; the possibility to build the career of their choice.

  • Contribute: You start early in an RESP plan and take advantage of Govt Grants.
  • Accumulate: Your regular contributions and grants generate interest and your RESP grows tax free.
  • Benefit : Your contributions are paid back to you to fund your child’s education along with grants and interest.
When you contribute in an RESP plan for your child, Govt of Canada and some Provincial Govt. provide annual grants based on how you much you contribute. Your savings get tremendous boost combined with your regular contributions and Govt Grants in your RESP. Based on your family income, you could be eligible for an additional grant. All your savings, grants and interest grow tax free in the RESP plan until withdrawal.

Success is within your child’s reach

When you child goes for post-secondary education, you receive the amounts so invested at the pace you choose. No taxes are payable on the amounts returned to you. Your child gets eligible grants and interest generated on the RESP account through Educational Assistance Payment (EAP). If your child doesn’t pursue a post-secondary education, you the plan owner has the option to

  • Designate another child in the family for the RESP benefit
  • Withdraw your original contribution amount tax free
  • Roll over your so accumulated investment income to your RRSP under certain conditions

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