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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.

"SIMPLII FINANCIAL" and the SIMPLII FINANCIAL DESIGNS are trademarks of CIBC. "Simplii Financial" is a division of CIBC. Banking services are not available in Quebec.
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