Creating possibility often goes hand in hand with a higher education. But it’s also a big investment. RESPs are one of the best savings tools you can use to create this possibility for your children, grandchildren or yourself. With RESPs:
- you can contribute up to a lifetime maximum of $50,000 per child
- you can receive up to $500 per beneficiary per year from the Canadian Education Savings Grant
- all the money earned within the plan grows tax-free until it’s withdrawn
- only the accumulated interest is taxable as income once the beneficiary enrolls in his/her studies
We can help you with all of your education planning needs. For more information or to book an appointment with one of our Education Planning specialists, contact us.