What is a Registered Education Savings Plan (RESP)?

Education Savings Plan from Global

A Registered Education Savings Plan (RESP) is an investment vehicle that allows Canadian families to save for their children’s post-secondary education.

The principal benefit of an RESP is that the savings plan can earn government grants like the Canada Education Savings Grant (CESG). You may also be eligible for additional provincial government grants that could add thousands of dollars more to your plan.

Another advantage of RESPs that make it a unique form of investment, is that the growth income earned on investment contributions remains tax-deferred until your child enters a post-secondary program and the money is withdrawn.

Any Canadian resident can open and contribute to an RESP for a child: parents, grandparents, friends and neighbours.

Rising Cost of Post-Secondary Education

More than ever, the demand for a post-secondary education can be felt in Canadian and international job markets. Canada maintains its position as the world’s most educated country with 51% of the population having attained a post-secondary qualificationi.

The cost of a post-secondary education for a child born in 2013 could rise to more than $140,000ii. Some reports even indicate that the cost of education is increasing at three times the rate of inflation! iii

Are YOU prepared for the ever-increasing cost of education? You will be with a Registered Education Savings Plan from Global.

i https://newsfeed.time.com/2012/09/27/and-the-worlds-most-educated-country-is/
ii https://www.macleans.ca/education/uniandcollege/parents-unprepared-for-soaring-university-costs-bmo/
iii https://news.nationalpost.com/news/canada/get-ready-for-10k-tuition-canadian-university-fees-rising-faster-than-incomes-and-inflation


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