RESPs - Investing in your child's future.

It's never too early to start putting money aside for a child's education.
Today, a student living at home pays an average of $4,000 per school year,
but that amount is expected to reach $37,000 in the next 20 years!
Investing now can set you, and your child, up for success later.

Benefits of an RESP

Any interest earned is tax-deferred until the money is used for education.
Don’t miss out on free government grants:
Your RESP account can hold the following investment products: RESP mutual funds, RESP term deposits, RESP savings account

RESPs

Registered Education Savings Plans are set up through the Federal Government. They help people save for post-secondary education by putting a little money aside each year. Anyone can contribute to a child’s RESP (not just the parents), and families can set up a plan for one or more of their children. Interest earned on RESPs is tax-free, and when a child starts using their funds for school, they only pay tax on the accumulated interest.

Canada Education Savings Grant

The biggest incentive to buy RESPs is the Canada Education Savings Grant, where the government adds an extra 20% to the first $2,500 you invest annually, giving you an extra $500 a year for your child's education. This can add up to as much $7,200 by the time your child graduates. And don't worry, if your child chooses not to attend a post-secondary institution, there are other ways to put that money to use.

Ready to invest?

For general RESP inquiries, call 604-654-2000.

For RESP Mutual Funds ^*

Contact Phi Hoang, CFP®, CIM®, RIS, BA

Mutual Fund Investment Specialist
Community Savings Credit Union
Credential Asset Management Inc.
Certified Financial Planner® Professional
phoang@comsavings.com
604-230-8657