Registered Education Savings Plan
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 Income earned within the plan is not taxed until it is withdrawn.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).
- 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 annually by Concentra Financial