Registered Education Savings Plan
Get Your Loved One A Gift Of The Future
Everyone wants to spoil their nieces, nephews, and grandchildren. This year ask your family to limit the number of gifts offered to your children and suggest they invest in their future instead. Opt for a Registered Education Savings Plan (RESP) and give the gift of a funded future. Learn more and get a quote below!
What is a RESP?
RESP stands for Registered Educatoin Savings Plan. Okay what does this actually mean? Is it better than other investing plans?
This tax-free investment account that helps parents and families save for a child’s post-secondary education. Once the child is in post secondary education you can use the money for any education-related costs. This includes books, tuition, travel related costs for school and more! This savings plan has many strong benefits that make it a very attractive option when looking for investing in a loved ones future.
Under the CESG, the government matches 20% on the first $2,500 contributed annually to an RESP, to a maximum of $500 per beneficiary per year. The lifetime maximum per beneficiary is $7,200, up to age 18.
Receive a free RESP walkthrough
Benefits of Segregated Funds
Our segregated funds utilize diversification in their structures. This protects you from mismanaged volatility and ensures that your money will grow in a stable environment
Our funds are connected to industries including:
- Energy sector
- Tech industry
- Banking & financial sector
- Transportation, and more!
There are few accounts that offer a tax-free growth plan when you invest. The RESP is one of those few options that offer tax-free investing for the purpose of future education, buying a home & even starting a business.
When you start an RESP you don’t pay on any investment earnings as long as they stay in the RESP.
This will help you earn more money for education for your loved ones without being taxed.
Anyone can set up an RESP for your kids. Your child’s RESP can grow faster with contributions from friends and family
Frequently Asked Questions
Can RESP be used to buy a house?
RESPs are not the only way to invest for future education. There’s no question it is one of the most attractive options given the Canada Education Savings Grant (CESG) from the government. The money can be used to start a business, buy a house, used for travel after school or for education
Is a TFSA better than an RESP?
What is the maximum contribution?
When should you start an RESP?
The earlier the better!
There are tons of grant opportunities for RESP’s however once the child is 17 they will no longer be available. To make the most of your RESP starting early is best.
Can you buy a car with an RESP?
RESP money can be used towards any costs that are related to their education. This includes buying a vehicle that will be used for your child to get to and from classes. You can use RESP money on insurance, gas, parking, and more!