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Saving for your child’s future is a daunting task. However, with the help of a Registered Education savings plans (RESPs), you can start investing early, making it easier to tackle college and university expenses.
An RESP is an investment option sponsored by the Canadian government that helps individuals save for their child’s, grandchild’s, niece’s, nephew’s and similar beneficiary’s post-secondary education.
Plan subscribers—those that open an RESP and make contributions into it—designate a beneficiary who can then use the funds to cover expenses related to apprenticeships, trade schools, colleges and universities.
Subscribers can enroll in RESPs simply by opening an account with a bank, credit union or other financial institution. The first $2,500 you contribute each year gets a 20 per cent matching contribution from the federal government using what’s called a Canada Education Savings Grant (CESG). Under CESGs, beneficiaries are entitled to $7,200 of government contributions.
Don’t wait to start saving for a loved one’s future. Contact us today to learn more about RESPs and if they are the right fit for the children in your life.
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