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RESP

Save for school the smart way

A Registered Education Savings Plan (RESP) is a special savings plan for parents, family and friends who want to save towards a child's post-secondary education.

How it works:

  • When you make RESP contributions, you’ll have your choice of investments, including GICs and mutual funds.
  • Receive federal government grant (a 20% bonus of up to $500 every year, to a lifetime limit of $7,200 per child).
  • Contributions are not tax-deductible, but all investment income is tax-sheltered as long as it remains in the Plan.
  • Withdraw money for the child's post secondary education.


Other benefits:

  • When money is withdrawn, earnings and government contributions are taxed in the hands of the child.
  • Qualifying low to middle-income families can access Canada Learning Bonds and enhanced Canada Education Savings Grants.

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Mutual funds are offered through Credential Asset Management Inc.  Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

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