Registered Education Savings Plans
Learn About RESPs The path to success starts with the decision to save with an RESP. While there are other ways to pay for education no other savings plan offers as much as RESPs. Its a smart and proven way to invest in your childs future.
About Registered Education Savings Plans
Its no secret - Canadians parents believe that education opens doors broadens horizons and enriches lives. Although it comes at a price post-secondary education isnt as much a cost as it is an investment- one that returns a wealth of opportunities for a rewarding career. At SK Accountings we believe the path to success starts with your decision to save with Registered Education Savings Plan. Its a smart and proven way to invest in your childs future that gives you more in the end-more funding for your childs education and more peace of mind for you. There are other ways to pay for education: personal savings student loans part-time student jobs. But the fact is no other savings plan offers as much as RESPs. Here are just some of the benefits:
Maximize your savings with government grants
Only RESPs are eligible for savings incentives like the Canada Education Savings Grant (CESG) worth up to $7200.
Tax benefits of an RESP
Tax-deferred earnings on contributions of up to $50000 per child make RESPs a good vehicle for your savings.
Starting early means more in the end
The earlier you start saving the sooner you can take advantage of government grants and compound growth.
Choose Your RESP
Before setting out on a journey you want to be sure of your destination. Set a budget establish your education savings goal and choose an RESP thats right for you and your family. We can help turn your plan into a reality.
How to choose your Registered Education Savings Plan
Deciding to save for your childs post-secondary education is one of the best things you will ever do as a parent. Before setting out on this journey you want to be sure of your destination. By deciding on a budget setting an attainable goal and choosing the right RESP we can help your plan become a reality.
Setting your budget
While everyone wants to save as much as they can saving according to your budget will set you up for success.
Establishing your savings goal
While everyone with an RESP shares the goal of saving for education deciding how big that goal should be and determining how to reach it is up to you.
Compare our plans
All Registered Education Savings Plans will help you achieve your goal s but which one is right for you? We can help.
Manage Your RESP
Your RESP with Knowledge First is an investment in your childs future. As you work toward your education savings goal changes can be made along the way to meet your needs. We are here to help ensure your savings stay on track. w
How to manage your Registered Education Savings Plan
You made a great decision to save for your childs education. Your RESP with Knowledge First Financial is either a short medium or long term investment depending on how many years until your child attends post-secondary education. As circumstances change adjustments may be needed to your plan - including your goal contribution schedule beneficiary changes or even the product that you hold. We are here to help you every step of the way to ensure your savings stay on track.
Flex First Plan
Flex First is an individual plan that provides many flexible options. It is easy to make changes to your total contribution goal and schedule as well as you earn a loyalty bonus along the way. With the Flex First plan you choose the amounts and timing of your Education Assistance Payments.
Family Group Plan
The Family Group Plan is designed for four years of post-secondary education and is a good choice for those who value consistency and commitment. As a group plan your income is shared with other customers with the same maturity year.
Family Single Student
As an individual plan Family Single Student provides more choice in amounts and timing of Education Assistance payments than Family Group. Family Single Student is a smart transfer option to consider if your child is unsure of whether they will attend four years of post-secondary education.
Withdraw from Your RESP
The time has come to reap the rewards of investing in an RESP. You can withdraw your contributions or have your student request an Education Assistance Payment. We are here to help as you turn your savings into funding for post-secondary education.
How to withdraw funds from your RESP
You planned; you saved; you did it! Your decision to invest in an RESP is about to pay off in a world of possibilities for your student. The time has come to reap the rewards of your commitment by turning your RESP into funding for post-secondary education. We can help guide you through the steps to ensure you are getting the most out of your investment.
Plan Maturity
When your student reaches the post-secondary years it will be time to mature your plan from the investment stage to the withdrawal stage. At plan maturity you can withdraw your contributions to help cover tuition and associated education costs
Education Assistance Payments
Payments from your RESP during the post-secondary years are called Education Assistance Payments (EAPs). Once enrolled in an eligible program your student will request an EAP which includes the government grants and income earned while in the plan.
Are you a student? Weve got information for you
As a student you can learn more about the RESP that was set up for you including how to access the funds to pay for university or college. You can also check on the status of your Education Assistance Payments.