Registered Education Savings Plan (RESP)
20% Guaranteed Return on Contributions!
What is an RESP?
- a special savings plan that will help “you” save for your child’s education after high school. (“You”, may be the mother, father, aunt, uncle, grandparent!)
- the RESP is registered with the Government of Canada so that the savings for higher education grow tax-free until required for college or university expenses!
- the Government of Canada will also contribute to the RESP – no strings attached!
Why the need?
- the Government of Canada reports that almost 70% of all new jobs depend on some form of post-secondary education
- with the cost of tuition, room and board, and other related expenses, the cost of a 3- year university education is estimated to be $70,000!
- the Government of Canada through the Canada Education Savings Grant (CESG) will contribute an amount equal to 20% of your annual RESP contribution to a maximum of $500 per year per child (to a lifetime maximum of $7,200 per child)
- the ideal way to start saving for a child’s education
- parent, grandparent, other relative, or friend, can open an RESP for a child
- contributions and CESGs accumulate and grow tax-free in an RESP until the child needs it for tuition, residence and other educational expenses
- when withdrawn for tuition, only the growth and CESG portion is taxable to the student, who will be in a low tax bracket
- the earlier you start, the larger your child’s savings will be
Why Choose PWI Insurance?
To provide group insurance and retirement plans to employers so that their employees are covered for any and all ‘insurance’eventualities; and to provide a ‘vehicle’ (e.g. Group RRSP) which will enable their employees to retire with adequate funds.
To provide the best possible group insurance coverage for our clients, at a reasonable cost, and with second-to-none administration services.
To assist employers in the design and administration of a group insurance plan to adequately protect their employees (and their dependents) from both predictable and unpredictable expenses, and in life-changing circumstances.