Savings Plans for Kids in Canada

Why Savings Plans Are Needed for Kids in Canada

If you’re like most parents, you want your kids to go to university, college, or a trade school. Unfortunately, the costs of attending a post-secondary education consistently outpace inflation. By starting an education fund for your children as soon as possible, you’ll be able to take advantage of government incentives and reduce the burden of taking on debt to pay for their education.

The sooner you get started on their education fund the better. After all, every dollar you save today is one dollar less they’ll need to borrow for school tomorrow.

Different Savings Plans for Kids in Canada

With the cost of a post-secondary education growing so quickly, how are parents supposed to help? There are a number of saving plans to help parents save for their children’s post-secondary education.

Registered Education Savings Plan (RESP)

An RESP allows you to save for someone’s post-secondary education tax-free in a special savings plan registered by the Government of Canada. Through the plan you can contribute any amount annually, up to a maximum of $50,000.

Canada Savings Bonds

Through the Canada Savings Bond Program, you can earn interest on Canada Savings Bonds and Canada Premium Bonds. More than one million Canadians rely on the Canada Savings Bond Program for their financial goals.

Eligibility Information and Required Documentation

As a parent, grandparent, relative, or family friend, it’s easy to open and contribute to an RESP. All you need to have is a valid Social Insurance Number (SIN) and the SIN for the person or persons from whom you’re opening the RESP.

You can get more information on the RESP application procedure though the certified Global RESP Corporation (GRESP) representatives near you.

The Benefits of Education Savings Plans at Global RESP Corporation

The experienced Dealing Representatives at GRESP are dedicated professionals who can help you develop a financial plan that meets your child’s post-secondary educational needs. As financial professionals, our goal is to help Canadian families build financial stability and ensure their investment into a RESP is secure and growing.

At GRESP, we offer clients a choice of two scholarship plans that provide innovative planning and fee options:

  • The Legacy Education Savings Plan (LESP) is designed for clients looking to maximize their education savings investment and prefer a structured, disciplined approach to investing and saving.
  • The Advanced Education Savings Plan (AESP) is for families who are committed to saving for their children’s education but are looking for a more flexible contribution schedule, and no upfront sale charges.

We at GRESP also offer additional flexibility and options to maintain your contributions compared to other scholarship dealers. We also have one of the lowest administrative fees in the market and no minimum plan contributions.

In addition to helping set up the RESP and manage it, your nearest GRESP sales representative can also help you decide, when the time comes, how much money you should be withdrawn and when.

To learn more about opening a RESP, talk to a Global RESP Corporation sales representative in your area. Or fill out a form and a Global RESP Corporation sales representative will contact you.

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