Registered Education Savings Plan

This is a special plan to help you with saving for your and your children’s post-secondary education. The money in the RESP will be invested in safe portfolios and will attract a minimum of 20% grant from the Canadian government up to an approved government maximum. An RESP allows the growth income earned on contributions to remain tax deferred until the nominee enters a college or university program and the money is withdrawn.

Saving for education has become very important as tuition costs are currently approximately $4,000 per year and when cost of residence with meals ($6000), books, computers, travel and pocket money are all considered the total can reach up to $16,000 per year.

Starting to save early (with any amount) will help ease the burden of a student’s debt load.

If you are interested in more information about setting up an RESP plan for yourself or a for your nominee (could be your child, grandchild, nephew, niece, uncle, aunt, spouse etc), contact one of our brokers.