An RESP is a powerful way to save for a child's or grandchild's post-secondary education. You can contribute money anytime, up to a lifetime total of $50,000 per child. Grandparents, relatives and friends can also contribute, as long as the combined contributions don’t exceed the $50,000 limit.
What are the benefits of an RESP?
- RESPs are tax-sheltered. There’s no deduction for your contributions, but any investments within the plan grow tax-free until they’re withdrawn. When that money is withdrawn to pay for the child’s education, it’s taxed to the child, typically at a lower rate of tax than you would pay.
- The Canadian government, through the Canada Education Savings Grant (CESG), matches 20% of your annual contributions up to $500 per year to a lifetime maximum of $7,200. That’s free money!
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Why work with an advisor?
You get the advice that's right for you
Whether you want to build your savings or help protect your loved ones, you need advice that’s right for you. A Sun Life advisor can help you make well-informed financial decisions.
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A Sun Life advisor will take the time to listen and learn about your financial goals and what's important to you. They can help you build a roadmap to reach those goals.
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Life can change and so can your financial situation. A Sun Life advisor is here to coach you and help you stay on track toward your goals.
Sun Life Assurance Company of Canada does not provide legal, accounting or taxation advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.