What is an RESP and why you should open an RESP account?

A Registered Education Savings Plan is an investment plan that helps parents and caregivers to save for their children’s post-secondary education. One of the major advantages of investing in an RESP is that it provides access to the Canada Education Savings Grant and helps you generate a tax-deferred income. You can rely on us to help you create your RESP investment account. For more information about our services, speak to a member of our team now.

Our team understands that having a child and saving for their future is a huge responsibility. Investing in your child’s education early is a wise move. You can rely on us to help you invest in an RESP plan. This plan is flexible and tax deferred. It provides you assistance to ease and manage your child’s higher education

When you open an RESP account you will get grants from the federal and provincial governments, this will help you pay for over 40% of your child’s fees when he or she is 18 years old. Please note that when your child withdraws the money for educational purposes this amount will be taxed on any interest that has accumulated on the investment.

Benefits of opening an RESP account:

  • The amount saved in the RESP account is not taxable
  • A RESP account can stay open for up to 36 years
  • Your child is free to take money and enroll in any college or education program of their choice.
    There is a wide range of investment options available for RESP’s, this includes stocksbondsmutual fundsGICs

As a parent or guardian, you can open a RESP account for your child when they are young. You can open the RESP at any time until your child is 18 years old. This account can be opened by anyone, including grandparents and guardians. For more information about RESP account and how it can beneficial for your child, call us now.