A Registered Education Savings Plan (RESP) is a government - approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within the plan is not taxed until it is withdrawn.
A Steel Centre Credit Union Registered Education Savings Plan is the smart way to save for your family's future.
A post-secondary education is critical in an increasingly competitive job market. Each year, fewer high school graduates are in a position to afford to continue their education. With the costs of higher education increasing almost every year, early planning is essential.
It will cost an estimated $112,700 to receive a university education in the year 2018. Compare this amount to:
- 1962 Average cost of $6894
- 1998 Average cost of $60,842
Investing in an RESP is an important step towards securing your child's future. Your investment can add up even faster with the Canada Education Savings Grant, which adds 20% to your annual RESP contributions up to a maximum of $500 per child per year.
Steel Centre Credit Union offers a variety of competitive options for RESP investments. You can choose one option or diversify your strategy with a variety of investments. Steel Centre Credit Union offers convenient monthly deposits, which can make securing your child's future more easily affordable.