RESP FOR YOUR CHILD’S FUTURE

RESP

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 in 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.

Registered Education Savings Plan (RESP) for Child's Education

Worried about your child’s future? Well, who isn’t? In this fast-changing world, we won’t even realize and our kids will be all grown up looking for their educational institutions. As a parent, we also dream of providing them best education through a top university/college. RESP is such a plan which helps you to fund the education of your children.

RESP is a smart tool for caregivers living in Canada/Calgary to invest in their child’s future, which can be utilized as the child gets enrolled in post-secondary education.

RESP is the most precious gift you could offer to your children: the possibility to pursue a career in 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.

Who can be the Subscriber and the Beneficiary?

The subscriber can be anyone, as long as both the subscriber and the beneficiary are Canadians. It can be

  • child’s parents,
  • grandparents,
  • any family friend, or,
  • joint subscriber (both parents or grandparents)

RESP is a smart tool for caregivers living in Canada/Calgary to invest in their child’s future, which can be utilized as the child gets enrolled in post-secondary education.

RESP is the most precious gift you could offer to your children: the possibility to pursue a career in 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.

Why Choose a Registered Education Savings Plan (RESP)?

The subscriber can be anyone, as long as both the subscriber and the beneficiary are Canadians. It can be

  • child’s parents,
  • grandparents,
  • any family friend, or,
  • joint subscriber (both parents or grandparents)

RESP is a smart tool for caregivers living in Canada/Calgary to invest in their child’s future, which can be utilized as the child gets enrolled in post-secondary education.

RESP is the most precious gift you could offer to your children: the possibility to pursue a career in 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.

Why Choose a Registered Education Savings Plan (RESP)?

  • The benefits of investing in RESP plan can be availed for up to 18 years. The funds can be later utilized for post-secondary education
  • Can be utilized if a child opts for minimum 1 year full time education program or trade schools.
  • One RESP can be created for multiple beneficiaries if RESP Family Plan is set up.
  • Wide range of investment options is available like segregated funds, bonds, equities, mutual funds etc.
  • The monthly contribution can trigger grants from the Government. Residents of Canada may receive a grant under the Canadian Education Savings grants.
 

How Much Can You Contribute to an RESP?

  • To open an RESP, you’ll need: The Social Insurance Number (SIN) of both the subscriber (usually a parent or guardian) and the beneficiary (the child). The RESP can be set up as a trust account, which we can help link to your local Calgary bank account. We can assist you with opening the RESP account and guide you through each step of the process. Feel free to contact our local Calgary office—we’re here to help!

Requirements for RESP

    • Social Security Number of the beneficiary as well as of the subscriber will be required.
    • RESP can be opened in a trust account which can be linked to your local Calgary bank account.
    • You could contact our local calgary office for any further information.
 Annual grant (% of contributions)Annual limit (per child)Lifetime maximum (per child)Additional grant (% of contributions)
Canada Education Savings Grant (CESG)20%$500$7,20010% 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 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  us @ +1 (403) 651-0012 if you would like to start investing into your child`s future from today.