A registered education savings plan (RESP) allows parents and grandparents who set up the plan to finance their children's or grandchildren's postsecondary education.

Major Advantages
 

• Grandparents can take out an RESP for their grandchildren.

• RESPs can have more than one beneficiary, which makes it easier to transfer accumulated sums from one child to another if one of the two does not pursue postsecondary education.

• RESPs are not subject to any foreign content restrictions.
   

Main Features

• A family RESP can be established for several children and contributions made on behalf of each child, provided that the beneficiaries are related to the subscriber by blood or adoption.

• The annual RESP contribution limit is $4,000 per child, with a lifetime limit of $42,000 per child.

• Contributions can be made until the beneficiary turns 21. The maximum RESP period is 25 years.

• RESP contributions are not tax deductible but can grow tax-free until the child begins postsecondary education.

• The federal government provides a matching contribution of 20 cents for every dollar saved, up to a maximum of $400 per year per child 17 and under.

• Many investment tools such as guaranteed certificates of deposit and funds sold through our partner Desjardins Financial Security Investments Inc. which a number of representatives do business, are RESP eligible.
   

Saving Up for a Special Project

Want to save for a major purchase, a special project, a better education for your children? Assess how much you need to save up to carry out your projects.

Getting Advice

To find out more about this product, Desjardins Financial Security offers you various possibilities :   Call us at 1-866-838-7553 or e-mail us. Complete the form Please Have a Representative Contact Me

* Warning: The above text is of a general nature and is for explanatory purposes only. The savings and investments products described above each have their own features. See your contract for complete terms and conditions as well as restrictions and exclusions to which they are subject.