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RESP

Give your child's education fund a boost. 

The Registered Education Savings Plan, or RESP, can help you save for your child or grandchild’s education. You can put a wide variety of investments into an RESP, without paying taxes on the interest earned. Plus, the federal government will help boost your contributions with a grant - they'll match 20% of your first $2,500 in contributions every year. Talk to your local branch about opening an account today.
    

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About RESPs
 
  • All of the earnings on an RESP are sheltered from taxes until the student withdraws the money and is required to pay income tax on the withdrawals
  • RESP funds can be used for any accredited school – including most universities, trade schools and colleges and accredited religious colleges
  • The government’s grant only applies to the first $2,500 of contributions per year – i.e. the yearly maximum matching contribution is $500
  • With a family RESP, parents can invest for several children within a single plan
  • Upon withdrawal, the RESP funds can be used for tuition, books, fees and living expenses
  • You can start an RESP for any child who is under the age of 21
  • You can put a wide variety of investments in an RESP

Anyone – parents, grandparents, aunts, uncles and friends – can contribute to an RESP