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Registered Education Savings Plans!
A Registered Education Savings Plan (RESP) is a tax-deferred education savings plan, which allows a subscriber to save money for a beneficiary's post-secondary education. In addition to tax-deferred growth, RESPs also are eligible for a 20% grant provided by the federal government.
Individual: One person is the beneficiary and they do not have to be related to the subscriber
Family:There can be more than one beneficiary as long as they are all under 21 and related to the subscriber by blood relationship or adoption. A blood relationship includes: son, daughter, brother, sister, or grandchild. In order to receive the Additional Grant and/or the Canada Learning bond and/or the Alberta Centennial Educations Savings Grant, the Family Plan must have beneficiaries that are all siblings of each other.
Registered Education Savings Plan rules
Maximum lifetime contirbution limit of $50,000
The maximum annual RESP contribution that will qualify for the 20% CESG is $2,500, thereby the maximum annual CESG per beneficiary is $500
No limit on yearly contirbutions to a maximum of $50,000
Lifetime CESG is $7,200
Enhanced CESG grant
is available for the first $500 contributed each year, the Canadian Government will provide an additional 20% of enhanced CESG if a families income is below $36,378 (the amount is updated by Human Resources and Social Development Canada each year based on the rate of inflation); and 10% additional Enhanced CESG is added to the RESP plan if family income is between $36,378 and $72,756.
Canada Learning Bond is available for children born after 2003 in familes entitled to the National Child Benefit Supplement (NCBS).
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Mackenzie |
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AIM/Trimark |
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Fidelity |
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CI Funds |
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Talvest |
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Franklin Templeton |
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Dynamic |
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AGF |
As always, funds are purchased with no commission, transaction fees and no trustee fees are applicable as the funds are held directly with each fund company.
Contact our offices if you are interested in opening an Registered Education Savings Plan at 1-866-466-4745.
