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Registered Education Savings Plans
Right for you if:
- You want to save today for your children's future
- You want funds to grow tax-free in the plan
- (RESPs) are one of the most effective ways to save for your children's future education costs
- An RESP is a registered plan to which you contribute on behalf of a named beneficiary
- Funds grow tax-free in the plan until the beneficiary enters a post-secondary institution on a full-time basis
- Lifetime total contribution of $50,000 per beneficiary with no annual limit
Once your beneficiary starts college or university, he or she begins receiving payments from the investment income generated by the contributions and will be taxed on those amounts. The advantage of this scenario is that a student usually falls within the lowest tax bracket, so that the tax payable is minimized.
Full-Service Self-directed plans
Government Contribution Get an extra 20% on the first $2,500 you contribute to your plan
Available 100% foreign content
A ScotiaMcLeod Full-Service RESP offers you many different benefits. Through one of our full-service self-directed plans, you can:
- Tap into the experienced, objective expertise of your ScotiaMcLeod advisor
- Access the widest range of investment options for your RESP, including mutual funds, equities, and fixed income products like bonds, coupons and GICs
- Learn from objective research and analysis of investment alternatives
- Contribute other investments "in kind" to your RESP
- Choose between a family or individual plan
- Take advantage of the benefits of 100% foreign content
- Receive monthly or quarterly statements detailing the activity in your account
- Rely on the security of ScotiaMcLeod, a member of the Scotiabank Group
Canada Education Savings Grant (CESG)
Through the CESG, the government pays an additional 20% on the first $2,500 you contribute to your plan, to a maximum of $500 annually per beneficiary up to December 31st of the year in which they turn 17.
For example, on a $1,000 RESP contribution, you would receive a $200 CESG that goes directly into your RESP and can be invested along with contributions. The lifetime maximum CESG per beneficiary is $7,200.
In addition to being enrolled in a post-secondary institution on a full-time basis, beneficiaries must have a social insurance number (SIN).
Beneficiaries aged 16 and 17 must also meet certain qualifying criteria.
The information contained on this website is for use by persons resident in Canada only.