Registered Education Savings Plan

Registered Education Savings Plan

Many parents see higher education as the launching pad to a better career and a better life. Yet the cost of a post-secondary education keeps growing.

By 2016/2017, the average annual undergraduate tuition for a full-time student is expected to be $7,437. But tuition and related fees represent just one-third of the expenses that students face each year. Add in accommodation, food, transportation, books and computers, and leisure, and the cost increases substantially.

The solution is to start saving today.

Why RESPs are your best option?

1. The government offers a 20% grant on the first $2,500 contributed to an RESP each year, up to a lifetime maximum of $7,200. It’s called the Canada Education Savings Grant (CESG).
2. The money that you contribute gets to grow tax-free. When it’s time to withdraw, any gains would be taxed in the hands of the beneficiary (i.e., your child) at their presumably low tax rate.
3. The maximum lifetime contribution for each child is now $50,000 with no annual contribution limits.

You may be eligible to save more by receiving additional Government offers.

Speak to us about opening an RESP and investing for your child’s future.