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Education Savings Plans
Build up a tax-sheltered fund
to finance a child’s post-secondary education. A registered education
savings plan (RESP) is the ideal financial vehicle to meet the job market’s
education requirements and help you defray mounting education costs.
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Who Should Consider an RESP?
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Any person who is concerned about
the future of a beneficiary (generally a child).
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Features and Advantages
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You may designate a child, grandchild,
nephew, niece, etc. as the beneficiary of an individual plan. There
is no restriction on the relationship between the child and you.
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For family plans, the beneficiaries
must be related to the subscriber by blood or adoption. |
In addition:
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You are eligible for a government
grant of up to $7,200, or 20% of your annual contributions to the plan
(up to a maximum of $500 per year). |
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The beneficiary obtains an income tax deferral on his or her
investment income. |
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You may change the plan beneficiary.
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Your protection against financial market fluctuations may attain
and even exceed 100% of the capital invested.
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We pay you an education
bonus of up to 15% of the total monthly contributions paid
into the Diploma RESP. The bonus varies according to the beneficiary’s
age at the time of enrolment.
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Products Available
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You may enrol in an individual RESP (Diploma
or My Education) or family plan (My Education) by choosing either of the
following products:
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