RESP- Background

The Registered Education Savings Plan (RESP) was set up by the Canadian Government to ensure that a special education saving plan could help parents in their children’s educational pursuits post-secondary schooling. The savings are tax-free and there are other benefits as well.

RESP Plans Offered By Gurinder Chahal Insurance Specialist

Proof must be submitted by Super Visa applicants that they have purchased private medical insurance.

Required:

  • Individual plan
  • Family plan
  • Group plan

Each of these plans have a different structure and based on our consultation with you, we will be able to determine the best plan for you and your family.

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Gurinder Chahal Insurance Specialist provide specialized advise for RESP. Set up a RESP plan for your child/children and secure a bright future full of possibilities for them. Get In Touch Today

RESP

When you request a quote for Super Visa all the useful policy information like prices, benefits, important secondary benefits, refund policies, etc. that you can review and compare are presented to you. If you are on our website for Super visa Insurance, you are encourage to send us your detail so that we can contact you and provide the best available option.

Just provide us some dates (it can be changed to exact arrival date after visa approval) and provide the traveler’s date of birth. If you have any problem sending your information, or have some specific questions please feel free to call on the phone provided in the contact detail.

  • Low rates
  • Independent broker working with different companies.
  • Pre Existing Condition coverage available
  • Visitor medical insurance also available.

If you are planning on visiting Canada on holiday or to take up employment, then you should have medical insurance coverage before you enter the country. It is a requirement of obtaining a Canadian visa to show that you have adequate medical insurance cover prior to landing in Canada. In addition to protecting travellers from emergency medical care cost – such as physician services, hospital stays, diagnostic tests and prescription drugs.

In addition to protecting travellers from emergency medical care cost – such as physician services, hospital stays, diagnostic tests and prescription drugs.

RESP Facts

  1. As long as the investment earnings stay in the plan, there is no tax liability.
  1. If you are planning to open up a RESP for a child under the age of 17, the federal government will also put money into the RESP. It is invested as a grant or a bond. The provincial government may also contribute in some provinces.
  1. Some plans will require that a monthly or annual contribution be made. Some will allow for money to be put in whenever. The maximum limit per child for the lifetime of the plan is CAD$50,000.
  1. Do note that while you can withdraw the contributions tax free from the plan at any time, the contributions are not tax deductible.
  1. Gurinder Chahal Insurance Specialist can help you navigate through the wide range of investment options available. Examples include:
  • Bonds
  • Stocks
  • Mutual Funds
  • GICs
Some plans will allow you to take control of how you would like to invest your savings and other plans will invest on your behalf.
  1. When your child is enrolled in a qualifying education program, specified education program, university or college or they can take money out of RESP.
  1. RESP has an expiry date. It is eligible for 36 years. If there are beneficiaries eligible for the disability tax credit, then, the plan can be open for up to 40 years.
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For more details, visit the Government of Canada’s Registered Education Savings Plans (RESPs) website by clicking here.