RESPs

An RESP is an education savings account registered with the Government of Canada. It helps you, your family or friends put aside money for your child’s education after high school. You can open an RESP at Access Credit Union.

Why should I save for my child’s education?

It pays to save! With an RESP, you can help turn your child’s dreams into reality. Invest in an RESP for any child in your life and watch your contributions grow on a tax-deferred basis. And, as an added incentive, the federal government pays a 20% bonus - up to $500 every year, to a lifetime limit of $7,200 per child.

In addition to your RESP contributions, you could receive the:

Choosing the right RESP for you

There are three types of RESPs:

  • Family RESPs:
    You can put aside money for one or more children related to you by blood or adoption. You can save for them all using one family RESP.
  • Individual RESPs:
    You can save for one child, whether they are related to you or not, by opening an individual RESP.

How do I open an RESP and receive the Government of Canada’s grants?

  • Get a Social Insurance Number (SIN) for your child. It’s free. Call 1 800 O-Canada (1-800-622-6232) for more information or visit a Service Canada Centre near you.
  • Contact Access Credit Union to open an RESP.
  • Open an RESP and complete the Basic and Additional Canada Education Savings Grant and the Canada Learning Bond application form with the help of your Financial Service Representative.
Additional Resources:

1 800 O-Canada (1-800-622-6232)
www.CanLearn.ca

 

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