Your RESP can be used to cover the cost of more than just tuition, including living expenses and course books.
No tax is charged on interest earned in your RESP until funds are withdrawn – typically by the child at a lower tax rate.
The federal government boosts your contributions by up to $500 a year*, and provincial grants may add even more.
A post-secondary education is perhaps the greatest gift you can give a child. But it’s often an expense that surprises parents. Plan ahead with a Registered Education Savings Plan (RESP). Contributions are easy to set up, tax deferred, and potentially boosted by government grants if your child qualifies.
Let’s get started! Our experts will be happy to answer any questions and help you get set up.
Financial planning shouldn’t be cookie-cutter. We help you create a tailored plan that matches your goals.
Try our RESP calculator to work out what your payment plan could look like.
Designed to meet your everyday needs.
Learn some saving strategies for your child’s education to help them follow their post-secondary dreams.
Not sure if you’ll need the funds? We have options that allow you to redeem before your GIC term ends.
You can contribute to your TFSA and watch it grow faster, because you’re not paying pesky taxes on the interest earned.
Deposit insurance coverage is provided by the Deposit Insurance
Reserve Fund administered by FSRA and pre-funded by Ontario credit
unions and caisses populaires at no cost to depositors.
Financial Services Regulatory Authority of Ontario’s (FSRA) deposit insurance program protects insurable deposits held with Ontario credit unions and caisses populaires. Deposit insurance is part of a comprehensive depositor protection program that ensures the safety and soundness of credit unions and caisses populaires. For more information, click here.
*To a maximum of $500 per year per beneficiary and $7,200 over the lifetime of the RESP per beneficiary.
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