Registered Education Savings Plans(RESP)
What is an RESP?
An RESP is a Federal Government sponsored savings plan that helps you save for your child's post-secondary education. This includes all forms of post-secondary programs.
Under current legislation the lifetime maximum is $50,000.00. While the plan is growing, the interest accrues within the plan on a tax free basis. Only later when the funds are draw down for education purposes will the interest become taxable.
While contributing to the plan, the Federal Government will match up to 20% of the contributions to a maximum of $500.00 per beneficiary. For more information click on the following link:
