An RESP is a great way to start saving for your child or grandchild’s education. RESP savings are tax-free and offer a competitive interest rate.
In addition to the savings you put into an RESP, you can take advantage of the CESG offered by the Government of Canada which further funds your child’s RESP. There are two parts to the grant:
Basic Canada Education Savings Grant—this grant will contribute 20% on every dollar for the first $2,500 you save in your child’s RESP each year.
Additional Canada Education Savings Grant—depending on your income level, this grant will contribute 10% or 20% on every dollar for the first $500 you save in your child’s RESP each year.
Contact the Solution Centre to open your RESP today.