Paying for a trade school, college or university education can be a daunting task. With education costs rising and predictions they will continue to climb down the road, it’s important to plan ahead for your children’s future.
The Registered Education Savings Plan (RESP) is a tax-sheltered plan that helps you save for a child's post-secondary education. It doesn’t have to be your child - an RESP can be set up for any "beneficiary," including your children, grandchildren, nieces, nephews, or family friends. You may also be eligible for government grants and incentives, which can add up over the years.
An RESP can help you stick to a savings plan. You contribute money to the plan, which is then invested. Your savings grow tax-free in the plan. Although you can’t deduct the contributions from your taxable income, you don’t pay tax on the money earned from investing while it’s in the plan.
We can help ensure you’ve got the right tools for investing in your child’s future. Contact us today to learn more or to get going with your RESP.
Mutual Funds and Segregated Funds provided by the Fund Companies
are offered through Worldsource Financial Management Inc.
Other Products and Services are offered through
Cowan Financial Solutions and Wentworth Financial Services.