RESP in Vaughan

We all want our children to have the best education possible, but with rising education costs, affording quality education for them is becoming a difficult task. That is Harpreet Puri presents Registered Education Savings Plan for parents who don’t want financial constraints to be a limiting factor for their children’s education. Contact us today for more details. We cater to clients in Vaughan and the surrounding areas.Savings for your child’s bright futureRegistered Education Savings Plan is a tax-deferred investment with the help of the government's assistance. If you open an RSVP account, you are eligible to receive grants from the Federal and Provincial Government and this is a sum of $50,000 per child without any annual contribution. If you have any queries, feel free to contact us, we will be glad to resolve them. 

A brief on how RESP (Registered Education Savings Plan) works

For an RESP account, your children are the beneficiaries. The subscriber can be parents, grandparents and legal guardians who can provide contributions to the account. The amount that is contributed will be non-taxable. The beneficiary can withdraw the money when he or she is applying their post-secondary education and need it for their educational purposes. If applicable, Govt. grants will also be added to the account.  If the child/children do not attend post-secondary education, the provider can take back the contributed amount. You can contact Harpreet Puri for further details.

Wondering what happens if an RESP account expires?

Here’s a summary of what would happen if an RESP account expires
  • Any contribution received from the Canada Education Savings Grant (CESG) or Canada Learning Bond (CLB) will be returned to the Canadian government
  • All personal savings would be returned to the account holder
  • You can receive the interest amount if you fulfil the following criteria
    • You have to be a permanent resident of Canada
    • The account should be more than 10 years old
    • All beneficiaries should be at least 21 years old and they should not be eligible for Educational Assistance Payment (EAP)
For further explanations, you can contact our team.