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Higher Education = Higher Earnings.

In our technologically-advancing world, obtaining higher education is necessary to meet the demands of today's workplace. But post-secondary education can be costly. If unplanned for, tuition and other education-related costs can become a financial burden for which families sacrifice their retirement goals by collapsing their RRSPs or remortgaging their homes even though the interest is not tax deductible. Bank or government loans are not guaranteed and difficult to pay back. There are many other costs associated with post secondary education including tuition fees, books, transportation, residence, basic needs, and computers. In the 2011-2012 school year, university students spent $12,000 annually while living at home and $20,000 annually living away from home. Surveys show that 36% of students do not continue their studies due to fanancial barriers.

  • Transferability: Funds are transferrable and can be used by another person any time during the life of the plan. Worldwide: Student can choose any recognizable post secondary full-time or part-time program world-wide.

  • RRSP Rollover: Plan earnings are always eligible for RRSP rollover in accordance with the income tax act.

  • Peace of mind: If the child does not to persue education, your net capital deposits are returned (tax-free) and the earnings are returned subject to applicable taxes.

  • Maintaining the plan: In case of financial difficulty, you have 3 years to make up for missed payments.

Benefits of RESP

  • Canada Educatin Saving Grants (CESG): 20% on your contributions.Additional Grants: 10-20% on the first $500 of your contributions.

  • Maximum Contributions Limit: $50,000 during each child's lifetime

  • Canada Learning Bond (CLB): For children born after January 1, 2004.

  • Tax Deffered: Growth on your contributions and CESG is tax deffered until used for students' education.

  • Safety: Net Capital deposits are placed in secure pooled investments (Federal + Provincial bonds) for better rates..

  • Flexibility: The plan adheres to established CRA guidelines without the restrictions associated with Group Scholarship Plans. 31 years of contributions + 25 years to use the funds available in the plan.

Education costs a lot, but what costs more is not having it at all.

RESP is an education savings plan that is registered with CRA, providing tax advantages and government grants for towards your contributions

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