Another summer has quickly come to an end. And that means one thing: your kids are back in school. Just as spring is a great time to consider spring cleaning, the back-to-school period is a great time to start thinking about your kid’s post-secondary education (PSE) and the benefits of investing in a Registered Education Savings Plan (RESP).
Why is back-to-school such a great time to think about RESPs? The start of a new year means your kid is one step closer to starting their PSE. Whether you’ve started to save for their PSE or not, there’s a huge number of reasons to invest in a RESP.
Thanks to RESPs, parents can provide their children with financial stability as they learn and teach them about financial responsibility as they grow. Through a RESP, you can contribute up to $50,000 and the subscriber will have up until 31st year of the plan to make contributions.
Through the Canada Education Savings Grant, the Canadian government also offers free money, matching 20% (up to a maximum of $7,200). That’s an automatic 20% return on your investment. There is also additional grant money for lower-income families.
It’s important to remember, though, that not all RESPs are not created equal. RESPs are an investment vehicle, and through the RESP your child’s university savings can really grow.
RESP Options for Canadian Students
Unlike other scholarship dealers, Global RESP Corporation (GRESP) offers individual plans that provide additional options to make your contribution schedule more flexible. GRESP also has the lowest administrative fees in the industry and no minimum plan contributions. After all, the security of your investment is our top priority.
The Legacy Education Savings Plan is designed for clients looking to maximize their education savings investment and who prefer a structured, disciplined approach to investing and saving. The Advanced Education Savings Plan is designed for families looking for a more flexible contribution schedule and no up-front sale charges.
GRESP’s Sponsored Group Education Savings Plan
Group plans can be provided by an employer. GRESP’s Sponsored Group Education Savings Plan is a voluntary benefits program that can be integrated into a traditional benefits plan, a flex benefits plan, or a spending account plan. There is no minimum participation required to start or retain the plan.
Through the group plan, you deal directly with GRESP or its representative agents.
GRESP, Canada’s Back-to-School RESP Experts
One of the greatest gifts you can give your children is an education. If you plan on paying for it, back-to-school is the perfect time to start saving. The sooner you get started on their RESP contributions, the longer the plan has time to grow. That translates into less stress and little or no debt after graduation.
Global RESP Corporation is one of the fastest growing companies in the RESP industry in Canada. We have regional offices in British Columbia, Alberta, Ontario, and Quebec, and hundreds of independent representatives across the country.
Thanks to our national presence, GRESP is one of the few companies that administers all provincial and federal grants available. We are also the primary distributor of the Legacy Education Savings Plan and the Advanced Education Savings Plan. Both of our plans allow you to save for your child’s PSE, with the goal of providing steady and consistent returns on investment.
If you’re interested in getting started with a RESP plan, find a Global RESP Corporation sales representative in your area. Or fill out a form and a Global RESP Corporation sales representative will contact you.