RESPs

What is an RESP?

An RESP provides a convenient way to accumulate funds for your child's or grandchild's post-secondary education. Income earned in the plan is tax-free. Upon withdrawal, the funds will be taxed at the beneficiary's (likely low) income tax bracket.

Any one can open an RESP for a child - parents, grandparents, relatives, god parents, as long as they have the child's Social Insurance Number (to be eligible for grant money).

One of the best things about an RESP is the top-ups given by the federal government. The Canada Education Savings Grant (CESG), matches your annual contributions by 20% to a maximum of $500 per year. The CESG has a lifetime maximum of $7,200 per child. 

The Canada Learning Bond (CLB) provides an additional lifetime grant of up to $2,000 per child for qualifying families.

When the beneficiary enrols into an eligible educational program, they can start receiving educational assistance payments (EAPs) from their RESP to pay for tuition, school supplies, residence and more.

What we offer

ECU offers the following investment options for your RESP through our partnership with Concentra Financial:

Savings Account: 

This account pays a higher interest, and remains variable. Withdrawals can be made at anytime.

Guaranteed Investment Certificates (GIC):

You can invest in a GIC for a term of 1 to 5 years. Withdrawals/changes can be made only at time of maturity. 

Our partner Credential Asset Management Inc. can assist you in investing in mutual funds. Through our online brokerage partner Qtrade Investor, you can invest in mutual funds, stocks and other securities.

Talk to our investment team today to understand your options! 416-465-4659


Mutual funds are offered through Credential Asset Management Inc. Online brokerage services are offered through Qtrade Investor, a division of Credential Qtrade Securities Inc.
 

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