A Registered Education Savings Plan is a great way to prepare for your children's post-secondary education.
There are two main types of RESPs:
Individual RESP Plan - can only have one beneficiary (child), who does not need to be related to the contributor (subscriber).
Family RESP Plan - can have multiple beneficiaries, who must be related by blood or adoption to the contributor.
The lifetime contribution for each child is $50,000 with no annual contribution limits.The beneficiary must have a social insurance number (SIN) and be a Canadian resident.
The Canada Education Savings Grant (CESG) provides additional education funding. The lifetime CESG is $7,200 per beneficiary.Additionally beneficiaries born on or after January 1, 2004 may apply for Canada Learning Bond (CLB).
To find out more about RESPs, please contact our Investment Department at 1-855-POLCU-CA ext. 8.