The cost of a post-secondary education in the Greater Toronto Area (GTA) and the rest of Ontario is rising fast. In fact, Ontario is home to the highest annual undergraduate tuition in the country at $7,868.
This doesn’t include books, student fees, housing, or food. That’s why it’s important to start saving for your child’s post-secondary education. And the sooner the better.
You can set your child up for success and make sure they meet the strenuous financial demands of a post-secondary education by opening a Registered Education Savings Plan (RESP) with Global RESP Corporation (GRESP).
An RESP is a savings plan registered with the Government of Canada that helps you save, tax-free, for your child’s post-secondary education. As the owner of the RESP, you can make annual contributions of up to $2,500 per year, for a lifetime maximum of $50,000.
Through the Canada Education Savings Grant (CESG), the Canadian government will match 20% of your RESP contributions, up to a lifetime maximum of $7,200. Lower-income families in the GTA may be eligible for additional government assistance with the Canada Learning Bond in which the Government will give you $2,000 for your RESP even if you never contribute to the plan
Once you decide to open an RESP, a Dealing Representative at GRESP will help you decide which type of RESP you should open. Knowing the differences, benefits, and drawbacks of each RESP will help you determine which one is best suited to the beneficiary’s educational needs.
A leading provider of RESPs in the GTA, GRESP and its skilled Dealing Representatives are dedicated professionals who specialize exclusively in RESPs and can help you develop a financial plan tailored to meets your child’s post-secondary educational plans.
As dealing representatives, their goal is to help families in the GTA build financial stability and ensure their investment in an RESP is balanced, stable, and growing.
GRESP offers its clients a choice of two individual scholarship plans that provide more innovative planning and fee options:
In addition to providing flexibility and a wide range of investment opportunities, GRESP also has one of the lowest administrative fees in the market and no minimum plan contributions.
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