Registered Education Saving Plan (RESP)
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Do you want to secure a bright future for your children or loved ones? A Registered Education Savings Plan (RESP) allows you to save for the future educational needs of your children, grandchildren, nephews, or nieces. Contributions grow tax-deferred, and the government adds grants to help maximize your savings.
Why Invest in an RESP?
Education costs in Canada are rising, and planning ahead reduces the financial burden. GT Brokers can help you invest in an RESP under the names of your beneficiaries. The plan is tax-sheltered and eligible for the Canada Education Savings Grant (CESG).
Advantages of RESP
- Investment income grows tax-free during the accumulation period.
- Taxes are only payable by the beneficiary when funds are withdrawn.
- Beneficiaries are typically taxed at a lower rate, preserving more capital.
- Multiple beneficiaries can be included in one RESP.
- Beneficiaries can be changed at any time.
- Funds can be transferred to another child if one beneficiary does not pursue post-secondary education.