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As a conscientious parent, ensuring your child receives the best possible education is a top priority. However, the expenses associated with post-secondary education can be substantial, underscoring the importance of early planning and saving. RESPs offer the advantage of tax-deferred growth on contributions, and the government enhances incentives through the Canada Education Savings Grant (CESG), matching 20% of the initial $2,500 in contributions annually, up to a cumulative maximum of $7,200. RESP funds can be utilized for qualified educational expenses, covering items such as tuition, books, and living costs. Whether initiated by parents, grandparents, or other relatives, anyone can open a RESP for a child, with contributions accepted up to a lifetime limit of $50,000 per beneficiary.
Different Types of Registered Education Savings Plans
Key Features
Registered Education Saving Plans (RESP) Coverage Options