Registered Education Savings Plans, or RESPs are education investment plans that help you accumulate money for a child’s post secondary education. An RESP is an easy way to save for a child’s future. Planning for a child’s education through RESP contributions is a sound, responsible, simple way to help pay for a post-secondary education.

FREE Money

No money for your child’s education? Even with no savings, you could qualify for $500 or more from the Government of Canada with a Canadian Education Savings Grant (CESG). This grant can help you start saving early for your child’s education after high school.
Click here for detailed information on the CESG.

Your child can use the money for full-time or part-time studies in an apprenticeship program, CEGEP, trade school, college or university.

Great Flexibility

  • Earn an immediate return of 20% on contributions up to $500 a year with the CESG*
  • Income earned accumulates tax free until withdrawn - Students (with little or no income) withdrawing RESP funds will owe little or no tax
  • Virtually all full-time, post-secondary education is eligible
  • For family plans, you can name as many beneficiaries as you’d like. If one child doesn’t go to post-secondary school, another child can still use the money.
  • If your child doesn’t pursue a post-secondary education, you may be allowed to transfer up to $50,000 of earnings from your RESP to your RRSP or a Spousal RRSP tax-free – assuming that the subscriber and/or spouse has RRSP contribution room available.
  • RESP contributions and earnings may be withdrawn any time (certain conditions apply).
    Small and steady, yields big returns!

Setting aside regular payments is the simplest and most reliable strategy for building investments and making financial commitments. A pre-authorized contribution plan while your children are still young is the best way to build the value of your education savings plan.

Sound Financial Advice

At PenFinancial Credit Union, we know that RESPs make sense, but in order for you to understand all the benefits, and to feel comfortable about your decision to invest, we suggest you take advantage of our full financial planning services. Here at PenFinancial, our Advisors are committed to providing superior personal service that will ensure you have the most effective education savings and investment program possible. Contact us  today to set up an appointment.


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