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Registered Education Savings Plan (RESP) Brampton: Get A Free Quote

Compare RESP options in Brampton to find the best plans for saving for your child’s education. Get a quote today!

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Harpreet Saini:
1(800) 385-1254
Ravinderjit Basra:
1(800) 385-1254

What Is a Registered Education Savings Plan (RESP)?

A Couple Being Retired And Happy With An RRSP Plan

A Registered Education Savings Plan (RESP) is a government-approved savings account designed to help parents and guardians save for their child’s post-secondary education. RESPs allow your contributions to grow tax-free and can qualify you for government grants like the Canada Education Savings Grant (CESG) or Canada Learning Bond (CLB), maximizing your savings potential.

Why Do You Need a Registered Education Savings Plan?

Saving for your child’s education can feel overwhelming, especially with tuition and living expenses rising every year. An RESP provides a structured way to plan for the future, with benefits such as:

  • Tax-free growth: Earnings within the plan grow tax-free until withdrawn for educational use.
  • Open to All: Any Canadian citizen or permanent resident can open an RESP.
  • Government grants: Get up to $7,200 in CESG contributions for your child’s education savings.
  • Flexible use: Funds can be used for tuition, books, living expenses, and more.
  • High Contribution Limits: While there is no annual limit, the lifetime contribution limit per child is $50,000.

For example, if you start an RESP early, small, consistent contributions combined with government grants can significantly reduce the financial burden of higher education.

At Top Choice Insurance, we help you secure the best RESP quotes in Brampton. Our team works with multiple providers to help you find a plan that aligns with your budget and education savings goals.

Types of RESPs

There are three main types of RESPs available in Canada:

  • Individual Plans: Tailored for a single beneficiary, typically used by parents or guardians saving for one child.
  • Family Plans: Designed for multiple beneficiaries, perfect for families with more than one child.
  • Group Plans: Managed by scholarship trusts, pooling funds with other families to save collectively.

Each type of RESP offers unique benefits. Choosing the right one depends on your family’s needs and financial goals.

Important Considerations:

  • The government will reclaim its grant contributions if the funds in an RESP are not used for post-secondary education within 36 years.
  • Withdrawals for non-educational purposes are subject to a 20% penalty on the remaining amount.

Get Your RESP Quote in Brampton

Don’t wait to secure your child’s future! Start saving for post-secondary education today with the right RESP. At Top Choice Insurance, we work with trusted providers to ensure you get the best plan for your needs.

Contact us at (800) 385-1254 or visit our Brampton office for a free, no-obligation RESP quote.

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Call Us for Any Questions

Harpreet Saini: 1(800) 385-1254

Ravinderjit Basra: 1(800) 385-1254

FAQs – Registered Education Savings Plan (RESP)

The Canadian government contributes up to $7,200 in CESG funds per child. Families with low incomes may qualify for additional contributions through the CLB.

If the beneficiary does not attend a qualifying educational program, you can transfer the RESP savings to another beneficiary, withdraw the funds (with applicable taxes), or move the earnings into an RRSP (if eligible).

Contributions depend on your financial situation and education savings goals. Regular contributions up to $2,500 annually can help you maximize CESG grants.

While the original contributions are tax-free, earnings and government grants are taxed in the beneficiary’s name. Since students typically have lower incomes, they often pay little to no tax on withdrawals.

The earlier you start, the better! Starting an RESP when your child is young allows more time for your contributions to grow and take full advantage of government grants.

Yes, RESPs are not restricted to minors. Adults planning to return to school can also open an RESP to save for their education.

RESP funds can cover a range of post-secondary education expenses, including tuition, books, housing, transportation, and meal plans.

The lifetime contribution limit is $50,000 per beneficiary. There is no annual limit, but only $2,500 in contributions per year qualifies for the CESG grant.

You can stop contributions at any time without penalties, and your funds will continue to grow tax-free until they are withdrawn or the plan matures.

Yes, you can transfer the RESP to another beneficiary, provided they are under 21 and related to the original beneficiary.

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