What are the tax advantages of a Registered Education Savings Plan (RESP)?

The growth income earned on investment contributions remains tax-deferred until the beneficiary enters a post-secondary program and the funds are withdrawn.Since most students have little or no income, they may pay little or no income tax.Any government grants which the beneficiary may be eligible to receive also grow tax-deferred within an RESP.

Why not just invest in a Tax-Free Savings Account (TFSA)?

A Tax-Free Savings Account (TFSA) may be a great compliment to an RESP; however, you will not be able to take advantage of government grants like the Canada Education Savings Grant (CESG) for up to $7,200, and the Canada Learning Bond (CLB) for up to $2,000, which are available exclusively when you invest in an RESP.

How do I open an RESP?

I have been involved with Global RESP Corporation (GRESP) for more years than I would like to admit. With 3 children ages 23, 20 and almost 19, I was glad to have previously met Judi Speirs and glad to be at ease knowing that my investments with Global RESP Corporation (GRESP) were at work for me.Global RESP Corporation (GRESP) has licensed Dealing Representatives across Canada to guide you through the application process and the registration requirements for an Education Savings Plan from Global. Find Local a representative in your area with our Find a Dealing Representative .

How is my money invested?
A large proportion of the Education Savings Plan from Global is prudently invested by professional investment managers primarily in provincial and federal government bonds, treasury bills, GICs, financial institution bonds and other capital protected investment vehicles. The investment priority is for safety of capital deposits. The assets held in the Trust are pooled to take advantage of institutional scale investing, which are likely to achieve higher returns than investing individually.

Can I change my contribution method or contribution amount?

Changes to your plan may result in transaction fees. Please contact our Client Services Team at 1-877-460-7377 or clientservices@globalresp.com to discuss specific changes that you would like to explore. you may also refer to the Prospectus for a list of all the fees that may apply.

What if I am unable to make the scheduled payments?

If you experience temporary financial difficulty, we offer you the flexibility to maintain your plan through many client-friendly options. A GRESP Representative will assist you in choosing the right option.

How do I request for my EAP?

The Global plans offer the ultimate flexibility, as such; there is no requirement to withdraw all your funds at the same time. We recommend taking into consideration your anticipated program length of study and allocating funds proportionately. Read more...

What if my child does not pursue post-secondary education?

The expiration of an RESP is 35 years from the year of enrollment. During this time you may choose to:

  • change the beneficiary to a sibling of the original beneficiary for Educational Assistance Payment (EAP)
  • change the beneficiary to any person including a contributor for EAP
  • Accumulated Income Payments (AIP) – all income earned is available as AIP to a contributor if their beneficiary is not eligible for EAP as:
    • - rollover to contributor’s RRSP
      - income subject to taxation


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