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Registered Education Savings Plan (RESP)

Registered Education Savings Plan (RESP)

Every parent have desire to provide their children with all the tools they need to succeed personally and professionally.

RESP is a financial vehicle that is specially designed to build up savings for a child’s postsecondary education. These contributions protected against financial market fluctuations in a tax-sheltered fund.

 

You can fulfill your goal with the help of the federal government (20% grant) and financial institutions (15% bonus guaranteed) plus the interest and gain up to 40% or more on your RESP contributions.

The lifetime RESP contribution limit was increased to $50,000 from $42,000. The lifetime Canada Education Savings Grant (CESG) for each child is still $7,200. The maximum Guaranteed bonus is 15% on your contribution $50,000 x 15% = $7,500.

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