{"id":11359,"date":"2020-12-18T11:24:47","date_gmt":"2020-12-18T16:24:47","guid":{"rendered":"https:\/\/www.caissealliance.com\/?p=11359"},"modified":"2024-09-16T09:24:24","modified_gmt":"2024-09-16T13:24:24","slug":"why-establish-a-resp","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/why-establish-a-resp\/","title":{"rendered":"Why establish a Registered Education Savings Plan (RESP)?"},"content":{"rendered":"<h3>Cost of post-secondary education<\/h3>\n<p>In 2021-2022, the average annual undergraduate tuition for a full-time student was $6,693, compared to $4,917 in 2009-2010. Add in accommodation, food, transportation, books, computers, leisure, and the cost of a four-year postsecondary education can reach nearly $100,000.<\/p>\n<h3>Opening an RESP<\/h3>\n<ol>\n<li>Get a Social Insurance Number (SIN) for your child.<\/li>\n<li>Contact an investment advisor at your local Caisse Alliance branch.<\/li>\n<\/ol>\n<h3>Two RESP plans to choose from<\/h3>\n<h4>Individual plan<\/h4>\n<ul>\n<li>Single beneficiary<\/li>\n<li>Anyone can contribute<\/li>\n<li>A beneficiary can be of any age<\/li>\n<\/ul>\n<h4>Family plan<\/h4>\n<ul>\n<li>One or more beneficiaries<\/li>\n<li>The contributor must be related by blood or adoption to beneficiaries<\/li>\n<li>Beneficiaries must be under the age of 21 at the time of inclusion in the plan<\/li>\n<li>Increased flexibility\u2014grants may be reallocated from one beneficiary to another<\/li>\n<\/ul>\n<h3>Available grants<\/h3>\n<p>Canada Education Savings Grant (CESG)<\/p>\n<p>All RESP beneficiaries under the age of 18 receive the Canada Education Savings Grant, administered<br \/>\nby the federal government*. The maximum grant is $600 per year and $7,200 over a lifetime.<\/p>\n<p>*Some conditions apply.<\/p>\n<h6>Source: Statistics Canada &#8211; <a href=\"http:\/\/www.canada.com\">www.canada.com<\/a><\/h6>\n<h3>Registered Education Savings Plan (RESP)<\/h3>\n<p>The Government of Canada will top up the RESP on the first $2,500 a year according to the following criteria:<\/p>\n<table class=\"aligncenter\" style=\"height: 120px; width: 100%; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr style=\"height: 48px;\">\n<td style=\"width: 33.3333%; height: 48px;\">Net family income<\/td>\n<td style=\"width: 33.3333%; height: 48px;\">Basic grant<\/td>\n<td style=\"width: 33.3333%; height: 48px;\">Additional grant on first $500 contributed<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px;\">&lt; $45,282<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">20%<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">20%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px;\">$45,282 to $90,563<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">20%<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">10%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px;\">&gt; $90,563<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">20%<\/td>\n<td style=\"width: 33.3333%; height: 24px;\">&#8212;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/registered-education-savings-plans-resps.html\">https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/registered-education-savings-plans-resps.html<\/a><\/p>\n<h3>Canada Learning Bond (CLB)<\/h3>\n<p>This federal program is for children under 15 years of age from low-income families. If deemed eligible, you could receive an additional $500 upon opening the RESP and subsequent yearly additional payments of $100 per year, up to $2,000 per child.<\/p>\n<h3>What happens if my child does not pursue post-secondary education?<\/h3>\n<p>RESP income can be transferred to the subscriber\u2019s RRSP (certain conditions apply).<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center;\">Human. Available. Connected.<\/h3>\n<hr \/>\n<p style=\"text-align: justify;\">Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This article is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any mutual funds.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2021-2022, the average annual undergraduate tuition for a full-time student was $6,693, compared to $4,917 in 2009-2010. Add in accommodation, food, transportation, books, computers, leisure, and the cost of a four-year postsecondary education can reach nearly $100,000. Get a Social Insurance Number (SIN) for your child. Contact an investment advisor at your local Caisse [&#8230;]<\/p>\n","protected":false},"author":7,"featured_media":2108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[105,116],"tags":[],"class_list":["post-11359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal","category-investment"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why establish a Registered Education Savings Plan (RESP)? | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/why-establish-a-resp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why establish a Registered Education Savings Plan (RESP)? | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"In 2021-2022, the average annual undergraduate tuition for a full-time student was $6,693, compared to $4,917 in 2009-2010. 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