RESP
WHAT ARE
RESPs?
RESPs are a great way to save for your child's future education expenses.
RESPs are Registered Education Savings Plans, and they are a government-licensed program that helps you save for a
child's post-secondary education.
RESP, HOW MUCH
SHOULD WE CONTRIBUTE?
SHOULD WE CONTRIBUTE?
There are many benefits to saving with an RESP. First of all, the government will give you a
grant of 20% of your contributions, up to a maximum of $500 per year. This grant money goes into the RESP and grows tax-free
until it is withdrawn to pay for schooling. Another benefit of an RESP is that the money you contribute grows tax-free until
it is withdrawn. This means that your RESP can grow a lot faster than a regular savings account. Keep in mind that the RESP
lifetime contribution limit is $50,000 per beneficiary.