Save for Your Child's College or University Education
Members may subscribe to a Registered Education Savings Plan (RESP), which is a government approved plan for the purpose of providing post-secondary education funding for one or more beneficiaries. Income on the plan grows tax-free until it is withdrawn. Investing in an RESP will give you and your family members more financial freedom when making the choices that will affect their future. By starting now, you can grow your education funds by making affordable, convenient monthly deposits. Planning today for tomorrow is the smart way to realize your family's education goals.
The Government of Canada encourages RESP savings by adding money to your RESP through the Canada Education Savings Grant (CESG) and the Canada Learning Bond. All you need in order to open an RESP is your Social Insurance Number and the Birth Certificate and Social Insurance Number of your beneficiary. The lifetime contribution limit for RESPs is $50,000 per beneficiary. An RESP may receive contributions for 31 years, following the year the RESP was opened. Most Canadian post-secondary institutions and programs, including correspondence courses, qualify for the purpose of receiving RESP Educational Assistance Programs. Certain foreign post-secondary institutions may also qualify.
Member Savings RESP's are administered by Concentra Financial, our trust services provider.
Contact Lisa Churcher
1.888.560.2218 ext. 204