RESPs

RESPs are a great way to save for your families post-secondary education.

RESP Features:

  • RESPs qualify for the Canada Savings Education Grant, a grant paid by the Government of Canada into an RESP. The Base CSEG is 20% of the contributions made to the plan to a maximum of $500 per year, $7,200 maximum per life.
  • Minimum contributions $25.
  • Automatic transfers available.
  • Maximum contribution of up to $2,500 per child per year up to a maximum of $50,000 per child will be eligible for the CSEG.
  • RESPs can be transferred between family members.
  • Savings are tax sheltered until the beneficiary is ready to attend post-secondary education.

Your child will need a social insurance number in order to have an RESP. If they don't have one you can find out how to get one here: http://www.servicecanada.gc.ca/eng/sin/apply/someoneelse.shtml

For more information please visit the Canada Revenue Agencies RESP Site: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/resp-reee/menu-eng.html


 

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