Establish Your Children's Education
Registered Education Savings Plans (RESPs) are a well-known way of saving money for your children’s future education. Essentially, you invest money, and the government matches 20% of your contributions (maximum of $7200 per child). Your investment grows tax-free while in the account until it is time for your child to access the money to pay for their education. Depending on the program you choose, you can get bonuses on top of all your contributions and growth just for sticking with the program!
Who can Buy the policy?
Key benefits of an RESP program
The cost of post-secondary education is grows every year, so saving early for your child’s education is key if you want to be able to provide as much as you can for their tuition. Having an additional 20% “free” money from the government can go a long way when you accumulate interest in your investments over your child’s lifetime.