RESPs

Planning for their future.

A Registered Education Savings Plan (RESP) is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within these plans is not taxed until it is withdrawn.

Eligible deposits (up to $2,500 annually) may qualify for a 20% matched CESG government grant (up to $500 annually).

Funds are invested in a high-interest, variable rate account which includes the following features: 
  • minimum amount is $500
  • interest calculated on daily closing balance
  • interest paid to plan semi-annually; June 30 and December 31
  • funds are transferable at any time, subject to a fee
  • any new/subsequent deposits are processed twice a year; May 15 and November 15
  • applications for matching CESG grant funds are processed automatically; grant funds usually received in June and December

Have you heard about the Canada Learning Bond? Click here to learn more and see if you are eligible.
 

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"An investment in knowledge pays the best interest."

 - Benjamin Franklin