Build the foundation for the education of your child with us!
Education is the foundational pillar of the career of any individual, which eventually structures the nation. It adds to the importance of securing the path of education from the hindrances like financial constraints. That is where investment vehicles such as the Registered Education Savings Plans come to the rescue.
Registered Educational Savings Plan
RESP or Registered Education Savings Plan is a savings plan sponsored by the Canadian government. Its purpose is to secure the post-secondary education of a child. The subscriber or contributor, who chooses this plan, has to contribute to building tax-exempt earnings. Later, the Canadian government steps forward with a specific amount to add to these plans for children who are less than 18 years of age.
The contributor or subscriber does not always have to be the parent of the child. Guardians, grandparents, relatives, or even friends, anyone can set up a saving plan. However, both beneficiaries and contributors should be Canadian citizens. Although the plan is started for a child, the contributor can also add his/her name or some other adult’s name as beneficiary. If the beneficiary does not get the payments- either for not attending further education or by the contributor’s choice, the contributor will get the amount back without any taxes.
Which RESP Plan Should You choose?
Like you read earlier, you do not have to be a parent to be a contributor. What you need is the right plan for the child. Before you reach us or ask for a quote, you must learn about the types of plans available.
How to Start your RESP?
You do not have to get baffled with the processes, as we, at Xoro Life, will do it at your end. We would still want you to carry two Social Insurance Numbers. One of them has to be yours and the other one for the beneficiary. Apart from that, we will need some documents, including a birth certificate.
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Frequently Answered Questions / FAQs
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