RESP Investments

Registered Education Savings Plan (RESP)
The RESP (registered education savings plan) is an investment account that allows you to save for your children's or grandchildren's post-secondary education. Consequently, you get the benefits of government grants to build your savings faster. The RESP is a contract between the subscriber (an individual) and an organization or person (the promoter). The subscriber contributes to accumulating tax-free earnings.

The RESP is a tax-advantaged savings plan for a child’s future education, partially funded by the Canadian government. The savings in this account grow tax-free, and the federal government contributes to the RESP through the Canada Education Savings Grant.

Understand RESPs

Some entities are involved in a registered education savings plan, such as the subscriber, beneficiary, and promoter.

Subscriber: The person who opens the RESP account and contributes to it.

Beneficiary: The child receiving the contributions for education-related expenses.

Promoter: The organization providing RESPs, like a credit union, bank, or group scholarship provider.

Benefits of RESPs

• Your child receives better RESP grants.
• The savings grow tax free.
• There are no taxes on educational assistance payments.
• Subscribers can use investment options like ETFs, mutual funds, GICs, bonds, and stocks.
• Anyone in your family or circle of friends can help.

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