Helping to fund a child’s post-secondary education is one of the most important
investments you can make in their future, especially in today’s competitive environment where a good education is crucial to success. Yet, with the rising cost of tuition fees and living expenses, personal savings alone may not be enough to cover the cost of higher education.
What you should know:
- A Registered Education Savings Plan (RESP) is a
flexible and convenient way to save for a child’s
- Government incentives are available to qualified
Student Beneficiaries to help RESP savings grow
- Investment income generated in an RESP is
tax-sheltered as long as it remains in the plan
- When withdrawn, plan growth and government
grants can be taxed at the student’s tax rate (he or
she could pay little or no tax on this money)
- There is no annual contribution limit with an
RESP, but the lifetime maximum is $50,000 per
Anyone can open an RESP: parents, guardians, grandparents, other relatives, or friends.
Let us at Fritz Financial Planning help you in planning a successful post-secondary education program for your family, so that your children's hopes and dreams can be met in the future.