Save for your children's education. An RESP is to education what an RRSP is to retirement: it allows you to build up tax-deferred savings to put toward your child’s post-secondary studies. With an RESP, you give the most precious gift there is to your child, grandchild, niece or nephew: a promising future.
Flexible and versatile
You contribute how much and when you want, and you can designate more than one child under the same RESP. Plus, you have a wide range of investment fund options from which to choose.
Type(s) of plan available
Individual Anyone can be a Plan Subscriber - no blood or adoptive relation to the child is required. Family Possibility to name more than one child under the plan. Subscriber must be related to the child either by blood or adoption. Investment funds available You can invest in different types of investment funds:
Guaranteed interest funds
Daily interest funds
RESP - a practical plan that allows you to:
Plan for your children's education.
Grow your savings tax-free up to maximum of $50,000.
Benefit from a federal government grant equivalent to 20% of your annual contribution up to $500 per year, deposited into you RESP.
A flexible plan If your child does not pursue higher education, you can:
Designate another child or make a donation.
Withdraw your original contribution tax-free.
Transfer your investment income to your RRSP under certain conditions.
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