Support Every Step of the Way
Choosing a RESP Plan from iA Financial Group means receiving personalized guidance and support. We offer recommendations based on your values, plans, and what’s best for your child, ensuring a financial plan that aligns with your needs. Our goal is to help you build a promising future for your child, starting today.
With a child comes a future full of promise, dreams to fulfill, and goals to achieve. It’s essential to provide the tools needed for success both personally and professionally. Supporting the pursuit of post-secondary education under the best possible conditions offers your child a real springboard for the future. This means providing financial freedom and the freedom to choose a path that fully utilizes their talents.
The Registered Education Savings Plan (RESP) is an ideal financial tool to help your child get off to a strong start in life. It allows you to grow your savings in a tax-sheltered environment, take advantage of generous government grants, and build a better tomorrow for your loved ones.
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Two Plan Options, One Set of Great Benefits
With the My Education+ RESP, you can start building a bright future for your loved ones today.
Individual Plan: Allows anyone to open a RESP for a child, whether related or not. This can include parents, grandparents, uncles, aunts, friends, or any other person looking to contribute meaningfully to a child’s future.
Family Plan: For those closely related to the child by blood or adoption, including parents, grandparents, and siblings. Multiple children can be named as beneficiaries. You can add one or more beneficiaries under certain conditions, and a single child can be the beneficiary of multiple RESPs, provided contribution limits are respected to avoid tax penalties.
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Invest in Building Dreams
‍It’s never too late to start saving with an RESP. The earlier you invest, the more your investment will grow, as interest accumulates on both your contributions and government grants over time. Start investing now for your child’s future.
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Invest at Your Own Pace
‍With the My Education+ RESP, you can invest based on your budget and objectives. Options include:
— Lump-sum investments of $100 or more
— Regular contributions starting at $25.

You can invest in funds that match your investor profile or opt for total security with a high-interest account where your capital is protected 100%.

My Education+ Advantage
‍You choose the amount, frequency, and type of investment that suits you best with the My Education+ RESP.
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Grow Your Savings with Government Grants
‍The RESP allows you to grow your savings tax-free and access generous government grants. These grants grow alongside your contributions, significantly enhancing your investment.
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Federal Grants
The Canada Education Savings Program (CESP) encourages parents to invest in their children’s post-secondary education through various grants. Unused grant room accumulates over time, allowing you to carry over grant room to subsequent years if contributions are lower than the limit.
Maximizing the Benefits of These Grants
‍To obtain government grants, your child must have a social insurance number and be a Canadian resident. The grant application is made when the RESP is opened, and amounts are paid directly into the plan.
Empower Your Child to Succeed
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‍When your child begins post-secondary studies, plan payments can start:

— Educational Assistance Payments (EAPs): Made up of grants and plan returns, paid to your child. The maximum EAP for full-time studies is $8,000 for the first 13 weeks, with no limit thereafter. For part-time studies, the maximum is $4,000 per 13-week period.
— Plan Contributions: Paid out to you, tax-free, to give to your child or use as you see fit.
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Access Your Funds Anytime
‍With My Education+, you can withdraw your contributions at any time without tax consequences. However, withdrawing before your child begins post-secondary studies requires repaying government grants received on the withdrawn amount.
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What If Your Child Chooses a Different Path?
‍Options include:
— Designating a new beneficiary
— Withdrawing contributions
— Transferring contributions to your RRSP
— Donating
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Assign a New Beneficiary
‍For individual plans, you can offer the RESP to another child, with new contributions allowed for the plan’s duration. To keep grants in the RESP, the new beneficiary must be under 21 and a sibling of the original beneficiary. For family plans, contributions can continue for other beneficiaries.
Get in touch with us today for more information about RESP.
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