Academic program RESP

Академическая программа RESP

A Registered Education Savings Plan or RESP is a savings program that allows you to pay for the future education of  your children . A lot of companies allow you to set up an RESP but each of them has its own investment policies. Some financial institutions, for example, require a 4 year university degree, which can be a problem if your child is taking degree or certificate program of less time. However, there are programs that will allow you to set up an RESP if your child participates in a minimum amount of class time. A grant from your bank can be up to $7200.00 per child and, with incurred interest, can reach a total investment amount of $19,000-$24,000.

If you open up an RESP, interest can start adding up right away and can accumulate for up to 31 years and in some cases 35 years.

In 2007, a limit was set on the amount per child, at $50,000.

There are three different types of educational programs:


  • Plans that are managed by the owners themselves (aka the parents).
  • Group educational plans
  • family education plans

I would not recommend opening any group plans. Due to inflation, investment in government bonds could result in a loss of money. These sorts of plans are also very rigid, meaning you are not able to move funds from one investment to another.

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