Registered Education Savings Plan
A Registered Education Savings Plan (RESP) helps save for your child’s or grandchild’s post-secondary education, available through a variety of investment options including term deposits, savings accounts and mutual funds.
Because the Canadian Government matches 20% of your first $2,500 of annual contributions, savings add up quickly. And, depending on your household income, you could be eligible to have up to 40% of your first $500 matched annually.
A monthly RESP contribution of as little as $50 adds up to over $8,000 in 10 years, with over $2,000 being government matched funds.
To learn more about RESPs, check out our Fwd: articles, written by our own Copperfin Advisors.