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Tax-advantaged savings to support your child’s post-secondary education.
Or call me at (416) 455 4040
A Registered Education Savings Plan (RESP) is a tax-advantaged savings account designed to help parents and guardians save for a child’s post-secondary education. Contributions grow tax-free, and the government offers additional grants to boost your savings.
Investment earnings within an RESP are not taxed, allowing your savings to grow faster.
Access to programs like the Canada Education Savings Grant (CESG) can add up to $7,200 to your child’s education fund.
Contribute at your own pace, with no annual limit, up to a lifetime maximum of $50,000 per beneficiary.
The government matches 20% of your annual contributions, up to $500 per year, with a lifetime maximum of $7,200 per child.
Eligible families can receive up to $2,000 without any personal contributions, starting with an initial $500 and additional $100 per year.
Some provinces offer additional incentives, such as the Quebec Education Savings Incentive (QESI) and the British Columbia Training and Education Savings Grant (BCTESG).
It’s important to note that RESP policies and regulations can change, so it’s recommended to check with the most recent and accurate information from official sources or insurance providers. If you are considering an RESP, you should consult with us to understand the specific terms & conditions.
We help you select financial institution that suits your needs.
Complete the necessary paperwork to establish the RESP, naming your child as the beneficiary.
Make contributions at your convenience and watch your savings grow with government grants and tax-free earnings.
An RESP (Registered Education Savings Plan) is a savings account designed to help parents save for a child’s post-secondary education. Contributions grow tax-free, and the government provides grants to boost savings.
Any Canadian resident with a valid Social Insurance Number (SIN) can open an RESP for a child. Parents, guardians, grandparents, and even friends can contribute to the plan.
An RESP offers tax-free growth, access to government grants like the CESG, and flexibility in managing contributions. It’s a powerful tool to save for education while reducing financial strain in the future.
There is no annual limit, but the lifetime contribution limit is $50,000 per beneficiary. Contributions can be made at any time, allowing for flexible saving options.
The Canada Education Savings Grant (CESG) matches 20% of annual contributions up to $500 per year, with a lifetime maximum of $7,200. Additional grants like the Canada Learning Bond (CLB) may also be available for eligible families.
Yes, RESP funds can be used for a variety of educational expenses, including tuition, books, accommodation, and other related costs for full-time or part-time studies.
If the beneficiary doesn’t attend a post-secondary institution, the RESP can be transferred to another beneficiary or closed. Contributions are returned tax-free, but grants must be repaid to the government. Investment income may be withdrawn with tax implications.
Yes, multiple RESPs can be opened for the same child by different people (e.g., parents and grandparents). However, the $50,000 lifetime contribution limit applies across all accounts combined.
Start saving for your child’s education and take advantage of government grants, tax-free growth, and flexible contributions.
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123 Sample St, Sydney NSW 2000 AU