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      • Life Insurance
      • Critical Illness
      • Disability Insurance
      • RESP
      • Retirement
      • Travel Insurance
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RESP-Registered education savings plan

What is RESP?

 

A registered education savings plan (RESP) is a savings product opened by anybody (parent, grandparent, guardian, friend, etc.) who wants to save for a child's post-secondary education.

Contributions to an RESP attract government grants of at least 20%, with certain provinces offering even more.

Objective

 The objective of the plan is to save money in a tax shelter for a beneficiary’s post-secondary studies, generally that of a child 

Contribution Ceiling

 To make the most of the RESP’s tax advantages, the federal government has set a cumulative lifetime maximum of $50,000 per beneficiary. The contribution ceiling is “per beneficiary” for all RESP contracts in his/her name and not “per subscriber” 

Canada Education Savings Grant(CESG)

 The federal government created the Canada Education Savings Grant (CESG) program in 1998 to encourage parents to invest in their children’s post-secondary education. The CESG is equivalent to 20% of the first $2,500 in contributions made per beneficiary aged 17 years and under. It is calculated and paid into the plan on a monthly basis. The CESG ceiling is $7,200 per beneficiary. 

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