Post-secondary education costs could be an important factor in your family’s overall financial picture. Whether you’re planning for your children’s or grandchildren’s future, we can help you determine the education savings strategies that make the most sense for you. Our mission is to empower families to navigate the ever-changing landscape of education by providing comprehensive and tailored education financing planning services.
A Registered Education Savings Plan (RESP) is a flexible way to enjoy tax advantages, government contributions and the growth potential you need to meet for future post-secondary institution costs.
Parents, Grandparents and friends can contribute money into a RESP account that will shelter money on a tax-deferred basis until the child withdraws the money when attending a post-secondary institution. The investment income and the government grants will then be taxed in their hands, usually at a significant lower (if not zero) tax rate than you would pay yourself.
- We can help you evaluate the different aspects of the RESP that include:
A lifetime maximum contribution amount of $50,000 per child (there is no minimum or maximum annual contribution) - The ability to transfer funds to another child
- Access to the Canadian Education Savings Grant (CESG) representing a government grant matching 20% of your contributions to a maximum of $2,500 of annual contribution per child. That could represent up to $500 grant per child per year to a maximum of $7,200 per child. There are catch-up provisions should you start the plan later in the child’s life.
