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 Income earned within the plan is not taxed until it is withdrawn.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 quarterly by Concentra Financial