REgister Today For RESP
Worried about Your Child's Future?
A Registered Education Saving Plan (RESP) helps you save more and lets you put money aside for your child’s post-secondary education.
Advantages
Tax Free
Your savings grow tax free
Transfer Benifits
If your child does not pursue post-secondary education for some reason, you may transfer it to another child. You may also withdraw the contributions tax free or transfer it to RRSP (under certain conditions)
Claim Previous Years
You can compensate and deposit the savings for previous lost years.
Flexibility Of Use
If he or she wants to travel first, you have 35 years to use the funds.
Save more in 3 Steps
- Put your regular monthly savings for your child into RESP.
- Get Government grants on the savings(upto $7200 lifetime maximum) & 15% Bonus
- On top of that, you gain 5% interest on your savings.
Special Offer Till 31st December
Invest in RESP before 31st December and claim a $500 bonus and gift card immediately.
FAQs
What is the minimum amount you can start with?
There is no set limit. You can start as low as $20-$25 per month. But to get the maximum benefits and grants, you should invest at least $208 per month or $2500 a year.
How to get maximum benefits with minimum investment?
You don’t even have to invest the money from your pocket to get maximum benefits. Under the Canada Child Benefit programme, you can receive up to $6,400 per year for each child under 6 years old, and $5,400 for each child from 6 to 17 years old. You can invest this money into the RESP to get even more returns on you savings.
What's the amount of interest rate and bonus you receive?
Apart from the government grant, you get a 15% bonus (up to $2000) which you receive over the years gradually, and a 5% interest rate on your total savings.
What is the maximum amount of government grant you can get?
You can receive up to a maximum of $7200 from government as grant, depending upon the time you started investing and the amount you put in. The earlier you start, the more benefits you can get. You can compensate for previous lost years by depositing the savings amount for previous years altogether once and then starting with a monthly investment.
What is the maximum age till you can register for RESP?
17 years. RESP matures at 18 years.
How to claim benefits on plan maturity?
You can register for a minimum of 3 weeks course at any college to be eligible to claim the benefits.