Take advantage of special tax benefits and government grants as you save for your children’s post-secondary education with a Registered Educational Savings Plan. To see how much you can save, check out our RESP Calculator.
How RESPs Work
When you contribute to your RESP, the Canadian government matches up 20% of that to a maximum contribution of $2,500 each year - that’s $500 in free money every year if you contribute the maximum.
On top of that, investments in your RESP grow tax free until they’re withdrawn by the student beneficiary for educational expenses. And since students are typically in a very low tax bracket – they’ll likely pay little or no tax on it. Pretty great, right?!
If your child was born after December 31, 2003 and your family receives the National Child Benefit Supplement, they may also qualify to receive the Canada Learning Bond.
Our Encompass Credit Union RESPs are administered through our partner, Concentra Financial. To get your RESP account started, connect with our exceptional staff members who can help you choose the right investment products to maximize your return.
Deposits and interest are 100% guaranteed by the Credit Union Deposit Guarantee Corporation and the Province of Alberta. This means both the money you put in and the interest earned are safe and secure - up to any dollar amount!