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A Registered Education Savings Plan (RESP) is a registered government program designed to encourage saving for a child’s post-secondary education. Interest earned from RESP savings and investments are tax-deferred until the money is used for education.
The government encourages saving for education with two grant programs:
Your RESP account can hold any type of investment product like the ones listed below. And since how you invest is just as important as how much you invest, our skilled planning team is here to help understand your individual needs and goals so you have the right portfolio mix.
If the beneficiary of the RESP is younger than 17 years old, the government contributes Canada Education Savings Grants (CESGs) toward your child’s education directly into the RESP with 20% of every annual deposit, up to $500 per year. There is a lifetime grant limit of $7,200. And even better, any unused grant room can be carried forward for future years. That’s a lot of extra money earning interest for your child’s education.
The Government of BC offers extra help for eligible children through the BC Training and Education Savings Grant (BCTESG). The grant is for $1,200 and available to BC residents at participating financial institutions - including Coast Capital Savings.
To be eligible, both the beneficiary and Primary Care Giver must be BC residents, an RESP account must be opened for the beneficiary, and the application must occur between the beneficiary’s 6th and 9th birthday.
* All of the above are available as RRSPs/RRIFs, RESPs or TFSAs.
** All of the above are available as RRSPs/RRIFs, RESPs or TFSAs.
Coast Capital Savings Credit Union provides service and advice related to deposit, loan and mortgage products. Coast Capital Financial Management Ltd. provides service and advice related to life insurance, segregated funds and annuities. Worldsource Financial Management Inc. provides service and advice related to mutual funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Fund Facts before investing. Mutual funds are not guaranteed and are not covered by the Canada Deposit Insurance Corporation (CDIC) or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Fund values change frequently and past performance may not be repeated.
The Low-fee, More-for-me Mutual Funds® are managed by SEI Investments Canada Company. Worldsource Financial Management provides mutual funds and services. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be related with mutual fund investments. Please read the Fund Facts carefully before investing.
For information on changes to deposit insurance and the transition period if we become a federal credit union, see the notice pursuant to the Disclosure on Continuance Regulations (Federal Credit Unions).