A Registered Education Savings Plan from The Co-operators includes many options to help you plan for your child’s future. The earlier you start, the more opportunities your child will have when it comes to their post-secondary education.
A RESP is a tax deferred savings program created by the Government of Canada that allows parents, guardians, relatives or friends to save for the costs of a child’s education, such as tuition and other education-related expenses. Contributions made to an RESP grow tax-free, and can be used to pay for a variety of post-secondary programs in Canada and abroad.
The lifetime contribution limit is $50,000 per beneficiary. The minimum regular contribution amount is $50.
Because the Government of Canada believes in the value of education as an investment in the future, it will increase the amount you put aside for a child’s education with:
- A Canadian Education Savings Grant (CESG) in the amount of 20%, 30%, or 40% of the first $500, and 20% of the next $2,000 you put into a Versatile PortfoliosTM RESP annually, depending on your family's net income.
- A Canada Learning Bond (CLB) worth up to a total of $2,000 lifetime benefit per beneficiary to help modest-income families start education saving for children born after December 31, 2003.
The CLB amount is not based on your contributions. If eligible, you will receive the grant as long as you have an active RESP. Ask us about ways we can help you start your child on the road to financial health! Call John Macht, Associate Financial Advisor or Jacqueline Goertzen, Insurance Advisor at The Co-operators, #3 1400 Sixth Ave. Prince Albert 953-1636, or visit our website at www.cooperators.ca
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