RESP in Canada: Secure Your Child’s Future Education
Investing in your child’s education is one of the greatest gifts you can give. With a Registered Education Savings Plan (RESP), you can save effectively while enjoying government grants and tax-free growth. Just as RRSPs help you plan for retirement, RESPs are designed to support your child’s dreams of post-secondary education with financial stability.
At Bonjour Assurance, we help Canadian families choose the right RESP, maximize contributions, and benefit from every available government incentive.
What is an RESP?
A Registered Education Savings Plan (RESP) is a government-registered investment account that allows you to set aside money for your child’s future education. Contributions grow tax-free, and the government adds generous grants to boost your savings. This makes an RESP one of the most effective ways to plan for your child’s future.
How Does an RESP Work?
1. Contribute Regularly
Start early and contribute consistently to your child’s RESP. The earlier you begin, the more you benefit from government grants like the Canada Education Savings Grant (CESG), which can add up to $7,200 per child over time.
2. Accrue Growth Tax-Free
Your contributions and grants grow through investments such as mutual funds, segregated funds, or savings accounts. All growth inside the RESP is tax-free until your child withdraws it for school.
3. Reap the Benefits
When your child begins post-secondary education, RESP funds become available. You’ll receive your original contributions back, while your child can use the grants and earnings to cover tuition, books, housing, and other education expenses.
Key Benefits of an RESP
Government Grants
Boost your savings with up to 20% matching grants from the Canadian government.
Tax-Free Growth
Investments grow without tax until withdrawal
Flexible Withdrawals
Funds can be withdrawn as needed to match your child’s educational costs
No Risk if Plans Change
If your child doesn’t attend post-secondary school, you won’t lose your savings. Options exist to transfer funds or repurpose them.
Types of RESP Plans
Individual RESP
Anyone — parents, grandparents, relatives, or even friends — can open an RESP for a child. No blood or adoption relationship is required.
Family RESP
Perfect for families with more than one child. Contributions can be shared among multiple children, provided they are related by blood or adoption.
Open an RESP Online with Bonjour Assurance
Opening an RESP has never been easier. With Bonjour Assurance, you can:
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Open your RESP in just a few clicks
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Use our RESP calculator to see your potential savings growth
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Get professional advice tailored to your family’s needs
RESP Investment Options
Choosing the right investment for your RESP depends on your goals and risk tolerance:
Segregated Funds:
Growth potential with capital protection through built-in guarantees
High-Interest Savings Accounts:
A safe, low-risk option offering guaranteed returns
Mutual Funds:
Professionally managed, diversified portfolios with higher growth potential
Why Choose Bonjour Assurance for Your RESP ?
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- Email: info@bonjour-assurance.ca
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