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Registered Education Savings Plan (RESP) is designed to help prepare for your child’s future and post-secondary education.

What is an RESP?

An RESP is a convenient and flexible way to save for a child’s future post-secondary education. You’ll be able to rest assured knowing your child’s future education is secured. Investment income generated in an RESP is sheltered from tax as long as it remains in the plan. Government grants may be available to student beneficiaries who qualify to help savings grow. There are no annual fees outside of the Management Expense Ratio (MER).

A segregated fund contract has protective features. This includes death benefits and maturity guarantees. When money is withdrawn, plan growth and government grants can be taxed at the student’s tax rate. This means they could pay little to no tax on this money.

How does an RESP work?

Anyone can subscribe to an RESP contract for a child. Whether you’re a parent, guardian, grandparent, other relative, or even a friend. The subscriber of the contract generally contributes to the RESP. Government grants such as the Canada education savings grant (CESG) and Canada learning bond (CLB) are paid to the RESP, if applicable.

How much should I contribute to my RESP each month?

A good price range to stick with is $2,500 each year, which comes out to $208.33 a month. This will maximize the benefits of an RESP for your child’s education. There is no annual limit on RESP contributions so you truly have the freedom to decide how much you’d like to contribute.

The earlier you start contributing, the more time you’ll have for your money to grow and compound, tax free.

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Types of RESP in Canada

There are several different types of RESP Plans you could contribute to depending on your needs. We will help you decide if an Individual RESP Plan, a Family RESP Plan, or a Group RESP Plan is right for you.

Individual RESP Plans

An individual RESP is the most flexible plan in terms of who can open an account. Anyone who has your child’s Social Security number (SIN) can open an individual RESP plan for them. A plan can be opened as long as both the account opener and your child are Canadian citizens.

That individual can also contribute to the account as they wish.

Family RESP Plans

Family RESP plans allow you to have more than one beneficiary. However, all of the beneficiaries on the plan have to be related through blood or formal adoption. Additionally, all beneficiaries that are going to be on the plan must be under 21 years old when they’re added to the plan.

This is a great option for people wishing to start a plan for their children, nieces and nephews, grandchildren, and so on.

Group RESP Plans

Group RESP plans are pooled. Your plan will have one child as the beneficiary. They do not have to be related to you.

Other account holders with children of the same age will be putting money into the account alongside you. When your child goes to spend this money, they will be sharing the investment earnings with those in their same age group that are a part of the pool.

How to Save Money on an RESP?

We want to help you save your money. The best way to save money on an RESP is to compare rates from multiple providers. This can be extremely time consuming. Luckily, Alliance Income Services Corp. does all the hard work for you! By simply requesting a quote online through our website, we check what rates you can get from every major Canadian insurer.

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Hire More Employees

Your premiums will be lower with the more employees you have working at your company. This is due to risk being divided across a larger pool of people.

Reduce Average Employee Age

The younger your workforce is, the less your Group Benefits will cost.

Adjust Benefits

Business productivity and company morale are improved when you show your employees that you care about them. However, to save the most money, it’s best to make sure the benefits you provide are needed and remove any redundant coverage.

Adjust Cost Sharing

Employees are already likely to pay less for employer coverage than for individual plans. Adjust your cost sharing to a percentage that makes the most sense for your company.

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