RESP

Build up a tax-sheltered fund to finance a child’s post-secondary education. A Registered Education Savings Plan (RESP) is an ideal financial vehicle to meet the job market’s education requirements and help you defray mounting education costs.

You may designate a child, grandchild, nephew, niece, etc. as the Beneficiary of an Individual Plan. There is no restriction on the relationship between the child and you.

For Family Plans, Beneficiaries must be related to the Subscriber by blood or adoption.

An RESP is made up of subscriber contributions, eligible government grants, and investment income.

Beneficiaries obtain a tax deferral on their investment income.

The Plan’s flexibility allows you to change Beneficiaries, should the need arise.

To help you build the most valuable nest egg, you may be eligible for various Grants for which we can apply on your behalf.

You may also be eligible for an Education Bonus, up to 15% of the total monthly contributions paid into an RESP. The Bonus varies according to the Beneficiary’s age at the time of enrolment.

When the big day comes to start post-secondary studies, Beneficiaries will receive their Educational Assistance Payments (EAPs) to support them in their future success.

You determine the amount of the Educational Assistance Payment (EAP), and the Beneficiary may use it for any school-related expenses, with no administrative restrictions.

Your capital is accessible at all times.

There is no minimum annual contribution, but the maximum that can be contributed into a RESP is $50,000/-. Contributions can be through automatic monthly payments or fixed amounts.

You can also take advantage of an RESP loan to increase your contributions. Invest now in your child’s future.