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Registered Education Saving Plan (RESP)
Why Registered Education Saving Plan?
RESP stands for Registered Education Saving plan. It is a policy that is dedicated to saving up for your child’s education after high school. RESPs can be opened for children. The person who has opened the account is termed as subscriber.
The RESPs investments and savings are tax-free. Your child can withdraw money from the policy for the purpose of paying for universities/colleges or any other course they are opting.
Safeguard your child’s future with the right plan, policy to save and invest in their career ahead. RESPs is the perfect plan to get your child’s education as well their future secure. Sujata Care ensures to help you in this endeavour.
A Registered Education Savings Plan (RESP), sponsored by the Canadian government, encourages investing in a child’s future post-secondary education. Subscribers to an RESP make contributions that build up tax-free earnings. The government contributes a certain amount to these plans for children under age 18.
How Registered Education Saving Plan (RESP) works :
- A Registered Education Savings Plan (RESP) , parents in Canada begin saving for their children’s education at birth, with the government pitching in part of the tab.
- Parents or guardians simply walk into a bank, credit union or other financial institution to open up an account.
- The government then matches the money up to a certain percentage and deposits it into the child’s RESP.
- The extra funds the government deposits are called the Canadian Education and Savings Grant.
- Matching benefits apply only on the first $2,500 in contribution per year. The amount of the grant is capped at a maximum of $7,200.
- Once in college, the child receives educational assistance payments (EAPs). These EAPs count as income for the child (beneficiary).
- If the beneficiary doesn't receive payments—either by the choice of the contributor or because the beneficiary does not attend a post-secondary institution—the contributor will receive the amount in the RESP back tax-free.
Features and Benefits
- Tax-free savings
- Secure Education costs
- Savings for your child’s future
- Enjoy Investment earns while in RESP
- Tax-free savings
- Secure Education costs
- Savings for your child’s future
- Enjoy Investment earns while in RESP
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