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investment contributions remains tax-deferred until the beneficiary enters a post-secondary program and the funds are withdrawn.Since most students have little or no income, they may pay little or no income tax.Any government grants which the beneficiary may be eligible to receive also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.
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.
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 .
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.
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...
The expiration of an RESP is 35 years from the year of enrollment. During this time you may choose to:
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