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A Registered Education Savings Plan (or RESP) is an investment plan that helps you save for a child’s post-secondary education.
Tax-free growth and government grants give your savings a big boost - making RESP's the best way to save for your children's education.
What are the benefits of an RESP?
Government Grants
The Canada Education Savings Grant — up to a maximum grant of $500 per year and $7,200 lifetime per child. Who doesn’t like free money? Additional grants may also be available.
Tax Savings
Earnings in your plan are tax-sheltered. When withdrawn, those earnings are typically taxed in the hands of your child, who, as a student, may pay little to no tax on them.
Easy Access
Savings in an RESP can be used for many education costs – not just tuition. The money can be used towards books, living expenses, other course materials and more!
Flexible Options for the Future
You can keep your RESP open for up to 35 years if your child ends up taking time off before pursing post-secondary education. You can also choose a new beneficiary if one child doesn't end up pursuing post-secondary education. There are options available to you!
Call us at 3069753280 to get your child's RESP started!
Get in touch with us!
We look forward to connecting with you.
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© Saskatoon City Employees Credit Union. All rights reserved.
© Saskatoon City Employees Credit Union. All rights reserved.