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Education Savings for your Kids
Give Your Child a Gift for their Future:
How Does Registered Education Savings Plan (RESP) Work?
An RESP is to education what an RRSP is to retirement: it allows you to build up savings to put toward your child’s post-secondary education. This is the most precious gift you could offer your child: the possibility to pursue the career of their dreams.
You may qualify up to $10,400 of Government grants in British Columbia
To encourage education savings, the Government of Canada and some provincial governments provide annual grants based on how much you contribute to your child’s RESP. Combined with your regular contributions, this generous government assistance deposited in your RESP gives a significant boost to your savings.
Depending on your family income, you could be eligible for an additional grant. All your investments, grants and interest grow tax free until withdrawal.
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