Registered Education Savings Plan (RESP

By: Moe Mailloux Financial Services  09-12-2011

The best way to save for your children's education is to open a Registered Education Savings Plan (RESP).

An RESP is a special account that can help you save money for your child's post secondary education. As a "registered" account (registered with the Canada Revenue Agency), money that you contribute to the plan gets to grow tax-free. However, you do not get a tax deduction from the contribution in the same way that you from an RRSP.

Now for the best part..

As an incentive to help you save for your children's education, the government offers the Canada Education Savings Grant (CESG) - a grant of 20% on the first $2,500 contributed to an RESP each year for a total of $500. If you invest a minimum of $2,500 per year, you would get the lifetime maximum grant of $7,200 over 15 years.

If you have young children we encourage you to come in and talk to us today.

The information in this article was current at 06 Dec 2011

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