What is a Registered Education Savings Plan?
A Registered Education Savings Plan (RESP) is a special savings account in partnership with the Canadian Government that helps you save money for your child's education. RESPs are available to all Canadian families who want to save money towards a child's college tuition.
Get government grants for education
Canada's Registered Education Savings Plan (RESP) is an excellent investment vehicle for parents who wish to save money for higher education. To get the most benefit from an RESP, families must apply for and receive the Canada Education Savings Grant (CESG).
Canada Learning Bond Explained
The Canada Learning Bond, combined with your Registered Education Savings Plan, can be a valuable tool in helping you save for your child’s education. If you qualify for the CLB, you can receive a $500 bond just by opening up a RESP, and an additional $100 per year until your child turns 15. With this kind of incentive, you can start saving immediately for your child’s education.
In Canada is a great way to save for your child’s education is an RESP. RESP accounts enable your contributions to grow tax-free. Additionally, by opening an RESP account, your contributions become eligible for education grants from the Canadian government. An RESP Canada account offers flexibility, growth opportunity and free money for your child’s education. This is what you need to know about setting up an RESP in Canada:
Saving for College is an important gift you can give your child. With rising costs of education, it’s getting more and more difficult for parents and children to pay for college. A good college savings account can make a huge difference by enabling your child to avoid a big student loan debt. Luckily, the Canadian government recognizes this, and has put together a fantastic program to make saving money for college easy.
- RESP Withdrawal Rules - Using your child's education savings
- RESP Tax Rules
- RESP Providers: What to Know
- RESP Maximum Rules and Guidelines
- RESP Grant Options - Maximize your child's education savings!
- RESP Canada Rules
- CESG: What You Need to Know
- Alberta Centennial Education Savings Plan Helps You Save For College
- Saving for University
- What is a RESP?
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