A Registered Education Savings Plan (RESP) is an investment designed to help you save for your child’s post-secondary education. Although your contributions are not tax-deductible, all income earned in your RESP is sheltered from taxes until it’s withdrawn to pay for your child’s education. As an added incentive, the federal government provides grants to RESPs based on your annual contributions, so you can receive additional money to help build your savings.
For more information download the brochure:
Your Guide to Understanding the Registered Education Savings Plan
The federal government offers the Canada Education Savings Grant (CESG) which provides a 20% matching payment on the first $2,500 of annual contributions, to a maximum CESG of $7,200. You could also be eligible for an additional CESG supplement, based on your net family income, of 10% to 20% on the first $500 of annual contributions.
The Canada Learning Bond (CLB) is a government incentive that provides up to $2,000 in free money to qualified beneficiaries born on or after January 1, 2004. You do not have to make any contributions to a RESP in order to receive the bond.
We’re Sudbury’s credit union. We began here in Copper Cliff in 1951 and we’re still here, only now we’re all over Greater Sudbury. Founded on the principle of people helping people, we’re community minded, just like you.
Sudbury Credit Union
