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A registered education savings plan is one of the easiest ways of offering your children, grandchildren or someone else dear to you a post-secondary education free of financial hardship.
The Government of Canada allows savings for education to grow tax free until your child enrolls in education after high school. The child named in an RESP is known as a beneficiary.
Although RESP contributions are not tax-deductible, they do allow savings to compound and grow tax-free until the child is ready to go full-time to college, university, or another post-secondary educational institution.
Basic Principles to Remember
The sooner you begin to invest, the higher the amount that will be available for your child or grandchild to assist them in their post-secondary studies.
RESP Plan Highlights
- You are eligible for a government grant of up to $7,200, or 20% of your annual contributions to the plan ($500 maximum per year).
- The beneficiary obtains an income tax deferral on his or her investment income.
- You may change the plan beneficiary.
- Individual and Family plans are available.
Eligibility
Applicants must meet the following criteria
- Have a Social Insurance Number (SIN)
- Have a SIN for anyone named in the RESP as the beneficiary
