RESP

This is a Saving Plan that allows your fund to grow tax-free until your child is ready for post-secondary school. This account may last for up to 25 years. The investment income become taxable when RESP is being withdrawn for the child's education. This tax is usually minimal as the child has very little or no income.

Receive $7,200 Grant from Government!
Effective January, 1998, each RESP is entitled to The Canada Education Savings Grant (CESG) of 20% on the first $2,000 in annual contributions up to age 18. In other words, maximum annual grant from government is $400 / year, for 18 years, the lifetime maximum is $7,200. It pays to get a head start on RESP.

Our Advantage

• Registered Education Savnigs Plan (RESP #1011001 and Self-Determined Option #1011002)
• Eligible for Canada Education Savings Grant (CESG) Social Insurance Number of the nominated child and Member(s) is required
• Low risk - deposits are invested in GOVERNMENT ISSUED or GUARANTEED SECURITIES.
• Helping parents and children since 1988 with deposits over $176 million and over 85,000 children enrolled.
• An amount equal to the Membership Fees is returned at Maturity (providing the Self-Determined Option has not been selected.
• You may transfer your plan to another related child under the age of 21, up to the end of the 25th year after enrollment (in the Self-Determined Option).
• Based on actual plans that matured in 1995 and received Scholarships in 1996, 1997 and 1998, our Members' Total Return (or return on investment) averaged 12.63%
• Canada Education Saving Grant (and its interest earnings) are paid out as part of the Scholarships (Educational Assistance Payments).
• Self-Determined Option (SDO) for those attending a minmum three-week course. when the SDO is selected, your earned interest (in addition to your principal, less applicable fees) is available to you or up to $50,000 can be rolled into your or your spouse'RRSP - certain conditions apply
• Insurance Protection - if you can not contiue making your deposits due to your untimely death or disability, deposits are made for you; providing even more protection to ensure that money is available when you need it most.

The following table is a general guide line of how much investment in RESP per age would be needed in order to yield tuition fees in the future by maturity.