What is RESP ?An RESP is a special savings plan (like a savings account) that helps you, your family or friends to save early for a child’s education after high school is registered by the Government of Canada that allows savings for education after high school to grow tax-free and could also gain government money through the Canada Education Savings Grant and the Canada Learning Bond, if you qualify. As education costs continue to rise, an RESP can help maximize your savings for your child. A Registered Education Savings Plan (RESP) is one of the easiest and best ways to fund the future ambitions of your child. |
|
Who can open and contribute to an RESP?Anyone can open an Individual RESP Plan and anyone can contribute to it. This includes parents, grandparents, aunts, uncles, and friends. For Family RESP Plans, the contributor must be related by blood or adoption to the beneficiaries. Contribution Limit$2,500 Annually or $500 per beneficiary.
|