RESPs give a child the gift of education & limitless opportunities
As a parent, a grandparent, relative or family friend, you should consider the benefits of contributing to a Registered Education Savings Plan for someone you love. With a Coast Capital RESP, your child's funds for post-secondary education are in good hands.
A Registered Education Savings Plan (RESP) is a registered government program designed to encourage saving for a child’s post-secondary education. Interest earned from RESP savings and investments are tax-deferred until the money is used for education.
The government encourages saving for education with two grant programs:
- Canada Education Savings Grants (CESGs)
- BC Training and Education Savings Grant (BCTESG)
Your RESP account can hold any type of investment product like the ones listed below. And since how you invest is just as important as how much you invest, our skilled planning team is here to help understand your individual needs and goals so you have the right portfolio mix.
Canada Education Savings Grants (CESGs)
If the beneficiary of the RESP is younger than 17 years old, the government contributes Canada Education Savings Grants (CESGs) toward your child’s education directly into the RESP with 20% of every annual deposit, up to $500 per year. There is a lifetime grant limit of $7,200. And even better, any unused grant room can be carried forward for future years. That’s a lot of extra money earning interest for your child’s education.
BC Training and Education Savings Grant (BCTESG)
The Government of BC offers extra help for eligible children through the BC Training and Education Savings Grant (BCTESG). The grant is for $1,200 and available to BC residents at participating financial institutions - including Coast Capital Savings.
To be eligible, both the beneficiary and Primary Care Giver must be BC residents, an RESP account must be opened for the beneficiary, and the application must occur between the beneficiary’s 6th and 9th birthday.
