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 Income earned within the plan is not taxed until it is withdrawn.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