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Registered Education Savings Plan, or RESP, are a smart way for Canadians to plan ahead and save for post-secondary education.
Tax-free growth: RESP let your money grow tax-free until your child becomes a qualified post-secondary student. When your child receives education assistance payments from their plan, the income is taxed in their hands – so there’s usually little or no tax paid at all.
Government grants: When you save with an RESP, the Canada Education Savings Grant (CESG) and other federal and provincial incentives help you save more by matching some of the money you contribute – making your savings work harder.
Investing in post-secondary education is investing in your child's
future earning potential.
Studies show that university graduates will earn $1 million more over their lifetime than high school graduates and 70% of all new jobs in Canada require post-secondary education.
Whether it's academic or technical training, post-secondary education creates opportunity and is a requirement for many jobs.