Registered Education Saving Plan (RESP)
Registered Plans
- A Registered Education Savings Plan (RESP) is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within the plan is not taxed until it is withdrawn.
- Eligible deposits (up to $2,500 annually) may qualify for a 20% matched CESG government grant (up to $500 annually). Full details on this program available at any of our branches.
- Transfer out fees apply
Funds are invested in a high interest variable rate account with the following additional features:
- Minimum amount is $500.
- Interest calculated on daily closing balance.
- Interest paid to plan semi-annually, on June 30 and December 31.
- Transferable at any time, subject to a fee.
- New/subsequent deposits processed twice per year, on May 15 and
November 15. - Applications for matching CESG grant funds processed automatically.
- Grant funds usually received in June and December.
- FREE descriptive statement issued quarterly by Concentra Financial.
RESP Library - For more detailed RESP information click on a topic.
- Contributions
- Subscribers and Beneficiaries - Definitions
- Individual and Family Plans - What's the Difference?
- Canada Education Savings Grant (CESG)
- Canada Learning Bond (CLB)
- Withdrawals for Beneficiary's Education
- Available Options when Beneficiary does not go to school
- Deceased Subscriber or Beneficiary