Registered Education Savings Plan

The cost of a post-secondary education is increasing year-by-year. Will your child or grand-child be able to afford to go to College or University? With your help they can. The solution to this problem is a Registered Education Savings Plan (RESP). For as little as $25 per month you can get started. The child you sponsor must be a Canadian resident under 15 years old, and have a Social Insurance Number.

There are two government grants available as well.
The Canada Education Savings Grant (CESG) pays an amount that is equal to 20% of the annual contibution you make, to a maximum of $7,200 per child.
The Canada Learning Bond is also available to low income families for children born after December 31, 2003. The amount paid in the first year is $500 and $100 per year thereafter, to a maximum of $2,000 per child.

Consequently, your contributions along with the grants and the interest earned on those funds, will guarantee that your loved one will be able to pursue a post-secondary education. So start early and invest as much as you can, that's the key!


Pauline Bourne, F.L.M.I.
Your Finance and Family Consultant