EDUCATION SAVINGS

​​Save for your child's future with a Registered Education Savings Plan (RESP).

A RESP is a tax sheltered government plan that allows you to contribute up to $50,000 for a child’s post-secondary education – whether it’s your child, a grandchild, or a friend's child. 

Enjoy the benefits of a RESP:

Will your children be able to afford a post-secondary education?  The current cost of four years of post-secondary education is about $53,081.  In 18 years, this will rise to $107,532 if education costs increase by 4% per year and to $225,081 if costs increase by 8% per year.

RESPs are an excellent way to save for your child's education.  They are a tax sheltered investment and include incentive grants from the government.  Unity Credit Union offers RESP plans as an agent for Concentra Bank, and there are a number of investment options available.

  • ​Grow your money – Because your RESP is tax free, your earnings will be tax sheltered until withdrawn.
  • Benefit from the Canada Education Savings Grant – Your annual contribution increases with available government grant funds.  The Government of Canada offers incentive grants including the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB), matching up to 20% of your annual contributions to a maximum of $500 per year per child (lifetime maximum of $7,200).
  • Competitive interest rates
  • ​Less tax when withdrawn – When the child begins to withdraw funds for their education, they will pay less tax as they will likely be in a lower tax bracket.
  • Anyone can contribute – Niece, nephew, child of a friend or your own child – you can help make their future educational dreams a reality.  The beneficiary must be a Canadian citizen with a valid Social Insurance Number.  Contributions can be made to the plan and the plan can remain open for 35 years.
  • Plan options available – You can choose an individual plan (one beneficiary) or a family plan (multiple beneficiaries).

Contact our Unity Credit Union Investment Team

Amy, Scott, and Sonya can help you get started with an RESP for your child or grandchild.

Contact our Credential Securities Office

Our Credential Securities Investment Advisor, Ashley Hamilton, can help with your RESP investment.

Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.