Why Choose an RESP

By Candian LIC, April 30, 2021, 3 Minutes

When you decide to help your children achieve their dreams for a successful future,  finances play a major part. One way to support your children’s future financially is opening and contributing to, an RESP.

What is an RESP?

If you are new to investments, an RESP, or Registered Education Savings Plan, is tax-deferred, government-assisted, investment plan designed to help save for a child’s future education. Parents open an RESP for their children’s post-secondary education, but you can still open one for yourself or other adults.

Reasons To Get An RESP

The student will need proof of acceptance from a post-secondary education institution. Once the student has needed documents, money will then be released to pay towards post-secondary fees, costs and education.

Choosing an RESP will give you peace of mind and security, knowing your children’s future education has a good start. An RESP will give them the best start to a successful future.

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The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

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