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Registered Education Savings Plans (RESP)

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  • Registered Education Savings Plans (RESP)

Registered Education Savings Plans (RESP) are government-registered accounts designed to help Canadian families save for a child’s post-secondary education. Contributions made to an RESP grow tax-deferred, and the government supports your savings with grants like the Canada Education Savings Grant (CESG), which matches a percentage of your annual contributions.

RESPs can be used to cover tuition, textbooks, housing, and other educational expenses once your child enrolls in an eligible program. The funds are flexible, and you can choose from various investment options such as mutual funds, GICs, and bonds. Contributions are not tax-deductible, but withdrawals for education are taxed in the student’s hands—typically at a lower rate.

Whether you’re a parent, grandparent, or guardian, setting up an RESP is a proactive way to ease the financial burden of future education costs and give a child a head start in life. With government incentives and long-term growth potential, RESPs are a smart step toward securing a child’s academic future.

Benefits of Registered Education Savings Plans (RESP)

Support a child’s academic journey with tax-deferred growth, government grants, and flexible contribution options. RESPs help build a strong financial foundation for future education.

  • Government Grants (CESG, CLB).
  • Tax-Deferred Investment Growth.
  • Flexible Contribution Options.
  • Supports Post-Secondary Education Costs.
  • Wide Range of Investment Choices.
  • Low-Tax Withdrawals for Students.
  • Ideal for Long-Term Educational Planning.
  • Encourages Higher Education Success.

 

Have You Any Question

  • What happens if I outlive my Term Life Insurance policy?

    If you outlive your policy term, the coverage expires, and no payout is made. However, you may have options to renew, convert to a permanent policy, or purchase a new plan.

  • Can I customize my Term Life Insurance policy?

    Yes! You can enhance your coverage with optional riders such as critical illness, accidental death, or disability benefits to better suit your financial needs.

  • How much Term Life Insurance coverage do I need?

    Your coverage should ideally be 10-15 times your annual income to cover living expenses, debts, and future financial needs like education or mortgages for your loved ones.

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