Plan Ahead for Your Children’s Education!!!
An RESP is a perfect way for Canadians to save for their Childs education. Your money grows tax-free while it is in your RESP. You do not get a tax deduction for the money you put into an RESP. The money that your investment earns while it is in the RESP will not be taxed until money is taken out to pay for your child’s education and is taxed in the Childs name. Other benefits include:
- The Government matches 20% of your RESP contributions up to $2,500 each year. The Government will match up to a lifetime maximum of $7,200
- You decide when and how much to contribute within the lifetime contribution limit of $50,000 per child. You also decide how you want to invest your funds
- Earnings accumulate tax-free until you withdraw the money. With a lifetime contribution limit of $50,000 per child until 31 years after you first opened the account
- You can use your RESP for a variety of different expenses your child incurs for their education such as tuition, housing, transportation and a variety of other related expenses
Call 604-260-7150 or complete the form on the right to speak with an Advisor.
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