RESPs


A Registered Education Savings Plan is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within the plan is tax sheltered until it is withdrawn.

RESP Advantages Expand/Collapse

  • An RESP provides long-term planning for a beneficiary to attend a post-secondary institution
  • Income earned within the plan is tax sheltered until withdrawn- if withdrawn by the beneficiary, he or she will usually have a lower marginal tax rate
  • Contributions belong to the subscriber and can be withdrawn without consequence once the beneficiary is EAP eligible
  • The Canada Education Savings Grant (CESG) provides additional education funding

Other Important Information Expand/Collapse

  • The lifetime contribution limit is $50,000 per beneficiary
  • The beneficiary will require a Social Insurance Number before being names as Beneficiary
  • Lifetime CESG funding is $7,200 per Beneficiary
  • Educational Assistance Payments may be drawn from the RESP to cover expenses associated with the pursuit of higher education in a qualified program- tuition fees, textbooks, room and board, etc; these payments are taxable to the beneficiary
  • Individual or family plans may also be opened
 

Invest in an RESP

To find out more about RESPs and how to invest, please meet with one of our Financial Advisors by filling out the form below, or simply call or visit our Main Branch.