All Information About Registered Education Savings Plan

Registered Education Savings Plan
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RESPs in Canada

Paying for the post-secondary education of your child can be a significant financial burden, but there are ways to manage it. One possible option is to apply for a Registered Education Savings Plan (RESP).

An RESP is a savings plan intended to help pay for the post-secondary education of a child. It offers a number of distinct advantages compared to other types of educational savings plans, namely tax deferral, the opportunity for growth of investment, and assistance with directly governing the funds. Perhaps most importantly, RESPs prepare families for the costs of secondary education long before the time comes when it is needed.

The person who signs up for an RESP and contributes to it is known as the subscriber. The subscriber is also the one who assigns beneficiaries to the plan–those who will be entitled to use the funds to pay for the costs of their secondary education. Those interested in becoming a subscriber can do so with the help of an RESP advisor or by signing up directly with one of the many RESP providers in Canada.

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Why You Should Sign Up For A RESP

Why You Should Sign Up For A RESP

For many people, the primary benefit to signing up for a Registered Education Savings Plan (RESP) is to be able to pay for the post-secondary education of their child or children. But RESPs are actually a lot more flexible than most people would think, and they provide a number of other benefits apart from providing plan holders with the means to pay college costs.

RESPs In Canada–Family Or Specified Plan?

With post-secondary education costs constantly rising, many people in Canada need all the financial assistance they can get. One program that may prove to be useful is the Registered Education Savings Plan. Instituted by the Government of Canada and offered by several RESP providers in Canada, an RESP enables parents and other benefactors to start up and maintain a fund which can be used to pay for post-secondary education in the future. With the benefits offered by a Registered Education Savings Plan in Canada, families can be better prepared for the costs of college education.