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Top Tips for Choosing a Registered Education Savings Plan Provider

Financial consultationThere are a lot of financial organizations registered to provide a Registered Education Savings Plan (RESP). But, just like the RESP itself, each provider is unique. And who you decide to go with can radically alter how much money the RESP generates over the lifetime of the plan.

An RESP is a tax-deferred savings plan that can help you save for a child’s post-secondary education. With an RESP, you can make annual contributions of up to $2,500 per year, for a lifetime maximum of $50,000.

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Choosing the Best Type of RESP

Types of RESPAre Individual RESPs Your Best Options?

A Registered Education Savings Plan (RESP) is the best way to help save for a child’s post-secondary education. Through an RESP you can contribute $2,500 annually, up to a maximum of $50,000. On top of that, the Canadian government will match 20% of any RESP contributions until the recipient turns 17 years old. The lifetime maximum of the CESG is $7,200. Best of all, anyone can open an RESP for a child—parents, grandparents, other family members, and friends.
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