RESPs

  

Prepare for your children’s pursuit of a higher education. Plan for their future now!

A Registered Education Savings Plan (RESP) is a savings vehicle generally used by parents to save for their children's post-secondary education.

  • There are several types of RESPs: Individual, Family and Group Plan
  • The Subscriber is the individual who enters into an "ESP" contract and names one or more beneficiaries for whom he/she will make contributions
  • A Beneficiary is a person to whom, or on whose behalf, payments are made into the RESP
  • Contributions are not deductible from the subscriber's income and there are lifetime limits to the amount of contributions made
  • The Canada Education Savings Grant (CESG) is an incentive to encourage saving for a child's post-secondary education through savings in Registered Education Savings Plans (RESP).

For more information, contact your local branch of Coastal Financial Credit Union or visit the Canada Revenue Agency website.

 

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