Registered Education Savings Plan (RESP)
Let North Winnipeg Credit Union help you start saving today for your child's or grandchild's future by opening an RESP account.
A Registered Education Savings Plan (RESP) is a special savings plan to save for your child’s future education. Its purpose is to provide post-secondary education funding for a beneficiary. Income earned with the plan is not taxed until it is withdrawn, and contributions may qualify for a possible matched government grant. The money in the RESP will be invested so it can grow and earn interest.
Benefits of Having an RESP
When you have an RESP, you can start saving immediately for your child's education in the future. Many parents wonder how much to save. They also wonder how soon they should start. The answer is simple. Save as much as you can afford. Start today. By starting early, tax-sheltered earnings on your savings can grow surprisingly quickly. Further, if you are saving for your child’s education, the Government of Canada will help you with special saving incentives that are only available if you have an RESP, including the Canada Education Savings Grant and the Canada Learning Bond.
Opening RESPs with North Winnipeg Credit Union is very simple. Be sure to have Social Insurance Numbers for yourself and beneficiary. We will guide you through the process and help you choose the best RESP investment. Contact us to make an appointment with one of our qualified investment specialists.
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