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RESP plan for your child’s future

We all dream of educating our children from the best university for their higher studies. Responsibilities grow with each day as time passes by. And before we know it, the time to turn those dreams into reality arrives. RESP, is a registered education savings plan that helps you save for a child’s post-secondary education. To encourage education savings the government of Canada and some provincial government provide annual grants based on how much you contribute to your child’s RESP.

RESP is the most precious gift you could offer to your children: the possibility to pursue a career of their dreams. Based on your family income, you could also be eligible for an additional grant. And your investments, grants and interest grow tax free until withdrawal.

Following table shows grants offered by the federal government
Annual grant (% of contributions) Annual limit (per child) Lifetime maximum (per child) Additional grant (% of contributions)
Canada Education Savings Grant (CESG) 20% $500 $7,200 10% or 20% of the first $500 invested each year
Canada Learning Bond (CLB) Limit of $2,000 per child for eligible families
Flexibility; If your child doesn’t pursue a post-secondary education, you can:
  • Designate another child as the beneficiary in the family
  • Withdraw your original contributions tax free
  • Transfer your accumulated investment income to your RRSP under certain restrictions

Contact Munish Mehan at 587-718- 8001 if you would like to start investing into your child`s future from today.

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Company informations

Mehan Realty & Financial Services

Munish Mehan

 

#32, Bridlecreek Gate,

SW Calgary, AB, T2Y 3P2 CA

Contact details

E-mail address:

insurance.munishmehan@gmail.com

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