The Gift of Education

THE GIFT OF EDUCATION

What is RESP?

RESP is an education saving plan made to help parents save money for their child’s post secondary education. As the cost of education increases every year at a higher rate than inflation, the government attempts to support education by contributing 20 cents for every 1 dollar parents put into an RESP account, up to $500 dollars a year, or $7,200 in total for every child (a beneficiary). On top of that, the province of British Columbia grants every beneficiary who has an RESP account and was born after 2010 a $1,200 one time lump sum grant.

Which company do you represent and why do you recommend it?

The Canadian Scholarship Foundation is a non-profit organization and was the first one to turn to the government to initiate an RESP program. It has the most experience (over 55 years) and it is the largest. It specializes and deals with only RESPs, making it an expert in that field.

Any advantages of the company you work with over others in this industry?

One of the key advantages of us as a non-profit organization is that the beneficiary who has enrolled into a post secondary school and whose account has reached maturity will receive an extra amount as a bonus on top of the government’s contribution.

You can deposit up to $50,000 per beneficiary in total.

Don’t worry if you start this plan late, even when your kids are 10 years old. You can still maximize your savings and reach a high government contribution (up to $1,000 a year). So, don’t be discouraged to start an RESP account late as it is never to late. I will help you collect grants from the government.

What happens if the market suffers from slowdown or decline when my child wants to use it for education? How can you protect my money?

Our principal protection plan guarantees that the principal you invest and the government grants are 100% invested only in government and financial institutions’ bonds. The interest earned is invested in mixed Canadian and US exchange equities.

Are there any self charges and hidden fees?

When we set up your account we can calculate the exact charges you will have for the entire investment period. We are the only ones who are committed to return a minimum of 50% of the self charges to your kids. In some years, we have returned 100% of it. There are no hidden fees.

This is the best gift you can give your children. Many believe their children will be able to take student loans when they decide to go to school, but in many cases this move can harm their credit score and leave them with debt when they get their certification. It is a great way to create a better future for our children and for our country.

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