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How Does the RESP work?

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RESP

How Does the RESP work?
It allows you to build up savings to put toward your Child’s post-secondary education. This is the most Precious gift you could offer your child

RESP – Education Savings Plan

1. Contribute – Start saving early in your child’s  RESP and take an advantage of generous Government grants.

  • a. Canada Education Savings Grant (CESG) Grant – 20% ($7200) per child.
  • b. Additional CESG Grant – 10% or 20% of the first $500 invested each year for eligible families.
  • c. Canada learning Bond (CLB) – $2000 per child for eligible families.

2. Accumulate – Your regular contributions and grants generate interest. Your RESP grows Tax free.

3. Benefit – Your Contributions are returned to you to fund your Child’s education. Your child receives the Grants (Govt Grants 20% plus Diploma Bonus up to 15%) and total interest from the RESP

Gurinder Chahal Insurance Specialist provide specialized advice for RESP. Set up a RESP plan for your child and secure a bright future full of possibilities for them. Get In Touch Today 587-707-7000
RESP

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