Consider an RESP to save for your children's education
Peter Zloty - Aug 07, 2019
We understand that your children’s future is your priority and helping them achieve their goals without incurring debt is a gift you’d like to provide. A Registered Educations Savings Plan (RESP) can help you make
An investment that grows as they do
We understand that your children’s future is your priority and helping them achieve their goals without incurring debt is a gift you’d like to provide. A Registered Educations Savings Plan (RESP) can help you make that a reality.
What is an RESP?
An RESP is a tax-sheltered investment plan. Unlike a Registered Retirement Savings Plan (RRSP), the contributions are not tax deductible, however the investment growth compounds tax-free until withdrawn.
RESP Benefits
- Government funding supplements your contributions
- Investment income is tax-sheltered while in the RESP
- Flexibility on when and funds desired to withdraw
- Minimal to no taxes when funds are withdrawn
Take advantage of additional government funding
As an added incentive to help you save for your children’s education, the federal government offers the Canada Education Savings Grant (CESG) – a grant of 20% on the first $2,500 contributed to an RESP each year, for a total of $500.
Click here to view the RESP fact sheet for your reference and invite you to give us a call to discuss how an RESP may fit into your overall strategy.
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