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