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What are the benefits of opening an RESP?
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Tax-deferred growth: Although your contributions aren’t tax deductible, all investment income generated in the RESP is tax deferred while it remains in the plan.
Tax savings: When you use plan income and government assistance to pay for the beneficiary’s post-secondary education, it’s taxed to the beneficiary. The beneficiary may pay little or no taxes on the money if they have little or no taxable income.
Government assistance: You may qualify for grants or assistance.
- What RESP Grants are available?
- How do I receive government assistance for the RESP?
- What’s an RESP?
- Do I need to provide the beneficiary's Social Insurance Number when I open an RESP?
- Is overdraft protection available on my accounts?
- What types of RESPs are available?
- What are the benefits of laddering my GIC before maturity?
- Who can open an RESP account for a beneficiary?
- What mutual funds are available to Simplii Financial clients?
- What happens to an RESP if the child doesn’t attend post-secondary education?
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