The cost of post-secondary education is very expensive and we know is increasing each year. Saving in a Registered Education Savings Plan may reduce the worry over not having money set aside to cover education expenses for your children.

A Registered Education Saving Plan (RESP), is a government approved plan for the purpose of providing post-secondary education funding for a specific beneficiary or beneficiaries. Although the money contributed into a Registered Education Savings Plan is not deductible from the contributor’s taxable income, income earned within the plan is tax free until it is withdrawn. Taxable income when withdrawn is received by the student beneficiary, who is usually in a low tax bracket. Taking advantage of this investment allows the beneficiary to receive the valuable Canada Education Savings Grant (CESG), that will assist in education costs of your child or grandchild. The government contributes 20% annually on the first $2,500.00 deposited into an RESP to the end of the year in which a child attains age 17*. (A maximum of $500.00 per beneficiary to a lifetime maximum of $7,200 per beneficiary). * Some restrictions apply for RESP beneficiaries aged 16 and 17


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