Investing in a Child’s Future

It’s never too early to start saving for a child’s education. A Registered Education Savings Plan (RESP) can help you build savings for their future while taking advantage of valuable government grants.

What is an RESP?

An RESP is a registered savings plan designed to help pay for a child’s education after high school, including university, college, trade school and apprenticeship programs.

Family and friends can contribute, making an RESP a meaningful gift for a child’s future. Contributions are not tax-deductible, but investment earnings can grow tax-deferred while the money remains in the plan.

Make Your Savings Go Further

The Government of Canada offers incentives to help families save:

• Canada Education Savings Grant (CESG): The government contributes 20% on the first $2,500 contributed each year—up to $500 annually and a lifetime maximum of $7,200 per child. Eligible families may receive additional grant amounts.
• Canada Learning Bond (CLB): Eligible children from lower-income families may receive up to $2,000, with no personal contributions required.
• B.C. Training and Education Savings Grant: Eligible B.C. children may qualify for a one-time $1,200 contribution.

There is no annual RESP contribution limit, but the lifetime contribution limit is $50,000 per beneficiary.

Giving the Gift of Education

Whether it’s a one-time gift or a regular monthly contribution, every amount can help. Parents, grandparents, relatives and friends can contribute to an existing RESP or work with the child’s parent or guardian to explore opening a plan.

Ready to Get Started?

To open an RESP, you’ll generally need the child’s Social Insurance Number and supporting identification. Our team can help you understand your options and apply for eligible government education savings benefits.

Contact VantageOne Credit Union to start investing in a child’s future today.