• CPA
  • CGA

Registered Education Savings Plan (RESP)

Higher education opens up a wide range of opportunities for a student. But the cost of post-secondary education can get really high because of the tuition, books, and living expenses. Registered Education Savings Plan is a great way of securing your child’s future by saving for the expenses of their future education. To make this plan work, the subscriber makes contributions to the plan as frequently they want, which can be used by the beneficiary in the future to pay for their education. Under this plan, you can also get grants from the Canadian Government, which would be added to the contributions made by you.

This plan ensures that your children don’t have to depend on student loans with high rate of interest to fulfil their dreams. It is a great way of ensuring that your hard-earned money makes your children’s life better.

In today’s competitive society, students have to work hard and stay dedicated to make sure that they perform well and gain useful knowledge from the course of their choice. In such a situation, worrying about finances should be the last thing on their mind, and you can ensure that by periodically saving for their future in the form of RESP.

In the long run, you are also doing yourself a favour by making periodic contributions to this plan. The education costs are always going up in Canada. If you were to pay these expenses all at once, it would be a lot harder for you.

Probably the most important feature of this plan is that it is not only a savings plan, it is also an investment plan. Your money will grow over time. In a traditional savings method, you cannot expect this type of growth. And because your earnings from the investments are tax-deferred, you will only have to pay tax on the money that your investment brings in when the beneficiary withdraws that money.

How do I get started?

If you want to start saving for your child’s post-secondary education, give us a call today. We will discuss your situation and give you detailed information about the documents and formalities required.