The RESP contribution is very effective educational saving plan having
- No annual contribution limit
- Lifetime contribution limit $50,000 per beneficiary
- Money invested in an RESP grows tax-free to be used for higher education of the children
- The tax implication on the withdrawals will be as per the MTR of your child
- Free money (Educational Grant) will be offered by Government of Canada to help and to save through Canada Education Savings Grant and using other government programs
Let us discuss in details about the most useful and highly effective RESP which brings positive changes in lives of parents & children.
What is the goal of registered education savings plan (RESP)?
The Registered Education Savings Plan specially offers the benefit of saving your money, which can accumulate financial resources for the beneficiary who is undergoing post-secondary education. The RESP plan is the best economic tool which helps in saving the money for the purpose of education of your children, growing rapidly charging minimum tax.
How is our RESP plan different?
The RESP is a plan mainly targets the average families and for the parents who have dreams of educating their children and making them successful in life. The RESP plan is useful for the parents who can start saving the money for the children’s post-secondary education. The parents are committed for making monthly payments by contributing in the yearly plan which benefits the children by the age of 17th year.
The RESP offers the education bonus at the end of the plan which offers the amount as Educational Assistance Payments (EAP) to bring hope and offers support to the child at the turning point of their life.