Registered Education Savings Plan (RESP)
A Registered Education Savings Plan (RESP) is an education savings plan that has been registered under the Income Tax Act and offers significant advantages to families saving for their child’s future education expenses There are two different types of RESP plans available Family Plans and Individual plans.
The principal benefit of an RESP that makes it unique from other forms of investment is that a nominated child can be eligible for government grants like the Canada Education Savings Grant (CESG) for up to $7,200, and the Canada Learning Bond (CLB) for up to $2,000.
Another advantage of RESP is that the growth income earned on investment contributions remain tax-deferred until your child enters a post-secondary program and the money is withdrawn.
Estimated Cost of a Graduated program
Statistics Canada ii indicates that full-time students enrolled in undergraduate programs paid 3.3% more In year 2013 on average in tuition fees than they did a year earlier. This increase ranged anywhere from 1% to 4.5% followed by an increase of 4.2% from the 2012/2013 academic year. In academic year of 2013/2014 the increase in additional compulsory fee is recorded as 5.3% where the annual inflation rate was 1.5% approximately between July 2012 and July 2013, the cost of tuition fees is increasing at more than two times the rate of inflation. More than ever, the demand for a post-secondary education can be felt in both Canadian and international job markets. As of 2010, Canada stood as the world’s most educated country with 51% of the population having attained a post-secondary qualifications
In today’s uncertain economic environment and increased demand of post secondary education , shouldn’t you do all that you can in order to secure a future for your child?
RESP is one of the most convenient way to save for a child’s future education by taking the advantage of Govt of Canada Grants
IT’S ALL A RESULT OF LISTENING.
As early you start , More your wealth will grow.
Start a Plan for your child now and Get
Govt. Grant up to $ 7200 and Canada learning
Bond of $ 2000(conditions apply)
DIFFRENT GROWTH OPTIONS
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