Registered Education Savings Plan
Registered Education Savings Plan helps your child to accomplish education goals from a financial perspective. RESP’s encourage parents and Grandparents to save with flexibility for your child’s education costs. We are all well aware that education costs post-secondary can be prohibitive. So the RESP is one of the tools to make the save for the apparent future expense. As a reward, the federal government gives grants to those who take the initiative. The maximum grant from the Gov’t could be up to 40% of your contributions and a maximum lifetime of $7200 per child. To support low-income families, Gov’t gives another $2000 as Canada Learning Bond. No contribution required to claim Canada Learning Bond, known as CLB. Open an RESP for your Child with a valid SIN number. Every situation would be different; to know more, feel free to contact Pankaj Bhatia (647) 640-2222 .
Registered Education savings plan gives you the opportunity to save money for your childs’ education cost which occurs after post secondary. Inflation in Canadian education is very high. Canadian Government understands the importance of this and gives incentives to the parents who take a proactive approach and set up Education savings plans. As a parent you can claim upto $9200 Gov’t grants. To Set up one for your child today contact us