Registered Education Savings Plans (RESP)
Invest wisely today so that your kids can get the best education.
What is RESP?
A Registered Education Savings Plan (RESP) is a special savings scheme that allows you to invest money today to fund your child’s education after high school without any worry.
Why RESP?
RESP to put in a simple way is a smart way to get access to education savings. It lets you access free money from the government to fund your child’s education. The Canadian government will match 20% of your annual contribution, up to a lifetime maximum of $7,200 per child. The best part about RESP- there is no minimum investment limit. You can start with as little as $1.
Benefits of RESP
- No tax deductions on the income (accumulation period) generated by the plan.
- Beneficiaries need to pay tax on income from the plan only after they start withdrawing money from it.
- Taxes for children are low hence it gives them access to good capital.
- As a part of your RESP, you can have more than one beneficiary.
- If one of your kids doesn’t want to pursue post secondary education, another child can avail those funds.
How Avon Insurance Help you Invest in RESP?
- There a number of Registered Education Savings Plans out there. Finding the one that works best for you and your kids’ future can be tricky. While one offers you minimal investment, the other might not get you the returns that you expect. With Avon Insurance, you don’t have to get stressed about all these nuances. We will do everything for you.
- Most investment managers charge you a fortune. Avon doesn’t. Our fee is just a fraction of what you’ll pay to others. We are super quick and responsive. Plus, our years of experience in the field has given us an edge as we help you with customized portfolios that bring you maximum results with minimum risks.