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Saving, Investing and Planning Post-Secondary Education


RESP - Education Savings


Graduation Cap & DiplomaStart a Registered Education Savings Plan ( RESP) with suggested modest contributions of $20.00 per week for your child today to pay for their future post-secondary education when they are ready to attend school. RESP education savings plan contributions are not tax deductible, however the investment income grows on a tax-deferred (tax-sheltered) basis over the life of the plan up to 25 years when the plan must be liquidated. Furthermore, the Investment Income only is taxable in your child's hand when RESP funds are withdrawn to pay their education fees.


The amount due in taxes is usually minimal because the child in the majority of cases has low income from which the child is able to claim and deduct the total tuition fees paid. In addition, any unused tuition fees paid can be carried forward and deducted in the following year.  Additional lump-sum contributions ( minimum: $100) as well as an increase to the contribution amount can be made at any time.


Receive your $7,200 Canada Education Savings Grant (CESG)!


Effective January, 1998, each RESP Plan is entitled to the Canada Education Savings Grant (CESG) of 20% on the first $2,500 in contributions for a given year for a child up to age 18. If no contribution is made for a given year or if contributions are lower than what is required to obtain the maximum annual CESG grant of $500 per year, you may carry forward unused CESG room to subsequent years. However, the total annual grant paid by the federal government cannot exceed $1,000, noting that there is a lifetime maximum of $7,200. Add the investment growth on these funds and you can see the benefits of starting early to get that head start with RESP(s) for your child or children. Another benefit is a Bonus of up to 15% of contributions, paid as Early Assistance Payments (EAPs).


Contribution Limit $ 2,500 /year CESG eligible


Contribution Limit $ 50,000 Lifetime

{  Contribution limits appy to each beneficiary i.e. per child limit }


Advantages of supplier of choice.


This Registered Education Savnigs Plan and Self-Determined Option are eligible for the Canada Education Savings Grant (CESG) provided you are a canadian resident. A Social Insurance Number is required for the beneficiary of the plan, i.e. the nominated child and member(s). Your deposits can be invested in GOVERNMENT issued or GUARANTEED SECURITIES making it a LOW RISK investment plan. There is also  flexibility in plan choice so as to diversify investments and have more than one RESP per child. Do both parents and grandparents want to subscribe to make post-secondary education happen? Let me show you how!


My supplier has been helping parents and children since 1988 with deposits over $176 million and over 85,000 children enrolled. An amount equal to the Membership Fees is returned at Maturity, providing the Self-Determined Option has not been selected. You may transfer your plan to another related child under the age of 21, up to the end of the 25th year after enrollment (in the Self-Determined Option). Based on actual plans that matured in 1995 and received Scholarships in 1996, 1997 and 1998, our Members' Total Return (or return on investment) averaged 12.63% Canada Education Saving Grant (and its interest earnings) are paid out as part of the Scholarships (Educational Assistance Payments).

Self-Determined Option (SDO) for those attending a minmum three-week course. when the SDO is selected, your earned interest (in addition to your principal, less applicable fees) is available to you or up to $50,000 can be rolled into your or your spouse'RRSP - certain conditions do apply. Insurance Protection - if you can not contiue making your deposits due to your untimely death or disability, deposits are made for you; providing even more protection to ensure that money is available when you need it most.


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Barrington Mullings (905) 826-8138
Barrington Mullings (905) 826-8138