Resp Plans

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. 

Individual Plan

This plan will have only one beneficiary or individual. However, this does not restrict the contributor as anyone can start with it.

Family Plan

More than one beneficiary can avail of the funds, but they have to be related to you. The beneficiary can be your children, nephew, nieces, or others.

Group Plan

Group plan is different from the previously mentioned ones. This plan has a single beneficiary, which doesn't need to be related to the contributor.

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

Yes, a child can have the benefits from more than one plan. However, limits on lifetime contribution exist for every beneficiary across the RESPs. You must ensure not crossing the lifetime limit by having many contributors for that single beneficiary.
The divorce cannot hinder the processes for joint subscribers, and the same goes for individual subscribers. One spouse might attain the rights of other subscribers with a court order to become a new subscriber. However, if one parent marries again, his/her new spouse can also be a joint subscriber.
No one can foresee death, but you can take measures to plan your investments. Firstly, he/she can add the name of an alternate subscriber in the will. He/she would be responsible for the RESP and can even add new beneficiaries after the demise of the original subscriber. Apart from it, a subscriber can add up in his/her will for continuing the RESP.
The goal behind subscribing to this investment vehicle is to secure the finances for the education of the beneficiary. Enrollment in an educational program is when the beneficiary can begin to get the funds from the Registered Education Savings Plan as Educational Assistance Payments.
Fixed-income products such as guaranteed investment certificates and equity investments such as individual stocks, mutual funds, a plethora of investment types can come in a registered educational subscriber plan. If you want to get a clear picture of the form of investment suiting best for you, you can reach us anytime. We are available on call seven days a week.
Canada Education Savings Grant is a plan to support the higher education of Canadian Children. Under it, the government contributes a sum to the Registered Education Savings Plan. It provides a minimum grant of 20% on the annual contributions made up to $2500 for each child. For families with less income, it may go up to 40% on the initial $500. However, a grant of 20% may be provided for the remaining amount. The highest limit for the grant is $7200 for the lifetime.

Are you still looking forward to resolving queries?

We understand that the idea of investing can come with various doubts. Don’t you worry, we are all ears for them!

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