Registered Education Savings Plan (RESP)
Tax savings that benefit the whole family
RESPs permit savings to grow tax-free until the beneficiary is ready to go to college, university or any other eligible post-secondary educational institution.
Under the family RESP plan, if your child decides not to attend higher education, the RESP can be transferred to another beneficiary such as a sibling. RESP assets can also be transferred into parental RRSPs, provided the parent has enough contribution room left.
Take advantage of additional savings
Each child beneficiary can collect $500 to $600 per year from the Canada. Education Savings Grant (CESG) program, to a maximum of $7,200 over the life of the RESP. That’s an automatic 20% to %40 return on your investment! Your child might be eligible for extra grant from CRA which is called The Canada Learning Bond (CLB). The Canada Learning Bond (CLB) is $500 offered by the Government of Canada to help start saving now for your child’s education after high school.
Plus, your child could get $100 every year until the child turns 15 years old to a maximum of $2,000!
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