Registered Education Savings Plan

It’s never too early to start saving for your child’s post-secondary education! With this government-approved investment account, opening a Registered Education Savings Plan (RESP) is a better way to save for later.

RESPs can be invested in mutual funds offered through Credential Asset Management Inc. and Credential Securities, or in guaranteed investments available through Concentra®. We’ll help you determine the best option, but no matter where you put your RESP, it’s a perfect chance to build a bright future for your child and receive government help along the way.

RESP

Here are some of the benefits of an RESP

  • The investment grows tax-free until your child starts their post-secondary education and begins making withdrawals.
  • Contribute a lifetime limit of $50,000 per beneficiary.
  • Withdrawals of the government contributions and accumulated earnings from an RESP will count as taxable income for your child, but as a student, they’ll be charged little or no tax.
  • Government money can help jumpstart your RESP savings.
  • Canadian Education Savings Grant (CESG): The federal government matches 20% of your RESP contributions, up to $500 each year until the child turns 17, to a lifetime limit of $7,200 per beneficiary.
  • Additional Canadian Education Savings Grant (CESG): Depending on your income, earn an additional 10-20% on your first $500 annual contribution.
  • Canada Learnings Bond (CLB): The CLB is available on RESPs for children born after 2003 whose family receives the Canada Child Benefit (CCB). As long as the parent or guardians qualify and continue to receive CCB, the government will provide an additional $100 each year until the child turns 15. There’s also a one-time $500 grant you’ll receive just for opening an RESP! In addition, the government will deposit $25 to the RESP to help cover any opening costs If you qualify, you can get up to $2,000 for your child’s RESP.
  • No minimum contributions.
  • Anyone can open an RESP for a child – making it a great gift option!
Let us help you decide which plan is right for you: an Individual RESP versus a Family RESP. Plus, find out how you can maximize the benefits of your RESP and what to do if your child decides to not attend school after high school.
To see how quickly your child’s educational savings can grow, check out our RESP calculator!
Start or move your RESP today by contacting an Affinity advisor at 1.866.863.6237 or take the virtual route by opening an RESP online through our partners, Qtrade or VirtualWealth.

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Online brokerage services are offered through Qtrade Investor, a division of Credential Qtrade Securities Inc. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

VirtualWealth is a trade name of Credential Qtrade Securities Inc.