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The Many Benefits of RESPs

Posted on: May 10, 2021

As busy parents, just meeting your family's needs each day can eclipse thoughts of the future. Add to that juggling act the cost of running a home, daycare, mortgage and car payments, and it's easy to see how setting funds aside for a child's future education can become something you'll "do later" when you have the time and money.

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Registered Education Savings Plan (RESP)

What is an RESP?

RESPs are registered education savings plans ¹ that grow tax-deferred until beneficiary withdraws funds for post-secondary education. Students usually pay little or no tax on those funds when withdrawn as RESP contributions are nontaxable and students are at lower income tax rate.

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Aligned Capital Partners Inc. ("ACPI") is a full-service investment dealer and a member of the Canadian Investor Protection Fund ("CIPF") and Canadian Investment Regulatory Organization ("CIRO"). Investment services are provided through ACPI (or) Shafik Hirani's Private Wealth Management Practice, (if applicable) an approved trade name of ACPI. Only investment-related products and services are offered through ACPI (or) ACPI/ Shafik Hirani's Private Wealth Management Practice and covered by the CIPF.

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The Many Benefits of RESPs

Registered Education Savings Plan (RESP)

What is an RESP?