REGISTERED EDUCATION SAVINGS PLAN (RESP)

 

REGISTERED EDUCATION SAVINGS PLAN (RESP)

 

Registered Education Savings Plan (RESP) is a special tax-sheltered education savings plan which helps you and your family to save for a child's education after high school. With the rising costs of college and university, RESP can really help because the government makes available the funds required for the education of the child and the savings grow tax-deferred until withdrawn. When the funds are withdrawn for the educational purposes by the child, the withdrawals are taxed at a lower rate as per the tax slab of the child.

 

Canada Insurance Coverage is one of the leading companies from Toronto that can offer you RESP PLANS!

Below are the major benefits of RESP

The money is there when you need it: The sooner you start contribution regularly, you will have the funds when you need them i.e. at the right age for your child's education.

Government grants helps the saving grow: To promote saving for higher education, the government offers funds and tax incentive programs without disturbing your contribution room.

Tax sheltered growth: The money growth in RESP is not taxable until and unless it is withdrawn. Moreover, when the funds are withdrawn by the child for the education purposes, they are generally taxed at very low rate.

Flexibility: The amount of money to be withdrawn can be decided as when and how much is required and the money withdrawn can be utilized for a variety of education costs like tuition, books and living expenses.

 

Registered Investments

RRSP

TFSA

Non Registered Investments

 

Just call on 1.855.846.2524 and get best policies for you and your family.Just call on 1.855.846.2524 and get best policies for you and your family. you can email us on info@canadainsurancecoverage.ca

 

 

 

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