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A Registered Education Savings Plan is a tax saving vehicle to build up a tax-sheltered fund to finance a child’s post-secondary education. It is an excellent way to meet the job market’s education requirements and help you defray mounting education costs. The amounts accumulated in an RESP are intended to cover the tuition fees and all education-related expenditures, such as housing, school supplies, food, transportation expenses, etc.


As is the case with the registered retirement savings plan (RRSP), the federal government permits the investment income from an RESP to grow in a tax shelter as long as it is not withdrawn from the plan. Clearly, the RESP is to education what the RRSP is to retirement.


In addition, to encourage parents to invest in the postsecondary education of their children, the federal government will provide a grant corresponding to 20% of the annual contributions paid into the plan, up to a maximum of $500 per year, per beneficiary. The lifetime maximum grant paid per beneficiary cannot exceed $7,200.



Who Should consider an RESP?


· Any person who is concerned about the future of a beneficiary (generally a child).


Features & Advantages

. You may designate a child, grandchild, nephew, niece, etc. as the beneficiary of an individual plan. There is no restriction on the relationship between the child and you.


· For family plans, the beneficiaries must be related to the subscriber by blood or adoption.


· You are eligible for a government grant of up to $7,200, or 20% of your annual contributions to the plan (up to a maximum of $500 per year).


· The beneficiary obtains an income tax deferral on his or her investment income


· You may change the plan beneficiary.


· Your protection against financial market fluctuations may attain and even exceed


· We pay you an education bonus of up to 15% of the total monthly contributions paid into the Diploma RESP. The bonus varies according to the beneficiary’s age at the time of enrolment.


Products Available

You may enrol in an individual RESP (Diploma or My Education) or family plan (My Education) by choosing either of the products: