RESPs - Education Savings *#

Set A Bright Future For Your Child

Today, post-secondary education can be very expensive, often exceeding $10,000 per year and more if studying abroad. One of the best investments you can make is to open a Registered Education Savings Plan (RESP). This is a hassle-free account where your money grows tax-free for up to 35 years! Plus, you may qualify for grants such as the Canada Education Savings Grant and Canada Learning Bond. The former adds 20% to all your contributions until the child turns 17. The latter adds a one-time payment of $500, followed by an additional $100 per year until age 15. You may also qualify for the Additional Canada Education Savings Grant based on your net income.

There are many different RESP providers, including most major financial institutions, group plan dealers and financial planners. These providers have different policies and options. For example, some require minimum deposits while others require monthly contributions. FTIC can help you choose the one that's right for you. Contact us today.

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