With the help of an RESP you, as a parent, friend or family member, can start putting aside money for a child’s post-secondary education. Your contributions can grow surprisingly quickly when you use this special savings account, as the Government of Canada offers the Canada Education Savings Grant and the Canada Learning Bond exclusively to RESP subscribers.

You can contribute up to $50,000 for each child (named in one or more RESPs). Although there are no annual limits on contributions made to an RESP, the Canada Education Savings Grant will only be paid on the first $2,500 of contributions made every year. If the child has accumulated grant room, then the Canada Education Savings Grant will be paid on the first $5,000 of contributions made per year.

Depending on the beneficiary’s family net income, the child may also qualify for the Canada Learning Bond (CLB). Ask if your beneficiary would be eligible for the CLB.

Please call Michael today for a quote at 778 389 5866