Registered Education Savings Plan
Save for your children to educate them tomorrow!
Registered Education Savings Plan (RESP)
Rising education expenses are getting higher? RESP is a solution to this problem. Registered education saving plan is tax-benefitted to save for your child’s post-secondary education.
Why do you need to invest in an RESP?
Because Education is the best gift to your children.
This Plan (RESP) combines flexibility, tax-deferred investment growth and direct government assistance to help your children to reach their education goals. RSVP can avail you the benefit of receiving grants from the Federal and Provincial Government. One can contribute a lifetime of $50,000 per child with no annual contribution limit. When the beneficiary withdraws money for post-secondary education, only the interest accumulated is taxable as income in the hands of the beneficiary.
- Eligible for Govt. Grants
- Choice of Colleges and Universities worldwide.
- Flexible options for savings with low-risk investments.
How a Registered Education Savings Plan work?
A subscriber/parent/guardian opens RESP account for their children, who are the beneficiaries.
Government grants (if applicable) will be added to the RESP account.
The amount personally contributed to the account will be given as a tax-benefit.
The payment can be availed by the beneficiaries for any tuition for post-secondary education.
If the child does not attend the post-secondary education, the provider can return the contributions made back their original source tax-free.
Please contact for more information.
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