How Can You Save For Your Child’s Education? Global RESP Corporation 2016-09-14 06:46:42 Education,For Parents

Benefits of a Having Your Registered Education Savings Plan with Global RESP Corporation (GRESP)

education fundGetting the Most from Your RESP

A Registered Education Savings Plan (RESP) is an excellent way to save for a child’s post-secondary education. Anyone can open an RESP and anyone can contribute, up to a lifetime total of $50,000 per child.

While the contributions to this education fund are not tax deductible, any investment income that is earned is not taxed until it is withdrawn. In addition to tax-deferred growth, the Canadian government automatically gives you 20% on the first $2,500 placed in the child’s RESP each year—that’s $500.00 per year up to a lifetime maximum of $7,200.

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