RESP
Start saving early for your child’s education. Earn government grants and enjoy tax-free growth with a personalized RESP plan from Insured By Amninder.
RESP
- RESP Overview
A Registered Education Savings Plan (RESP) is a government-registered savings account designed to help families save for their children’s post-secondary education.
Contributions grow tax-free, and the government adds grants like the Canada Education Savings Grant (CESG) to boost your savings. You can use RESP funds to pay for tuition, books, and other education-related expenses, giving your child a strong financial start.
Why Choose an RESP?
- Tax-Free Growth: Your savings grow without being taxed until withdrawn for education expenses.
- Government Grants: Receive up to 20-30% extra from the Canada Education Savings Grant.
- Flexible Contributions: Contribute whenever you can; there’s no annual limit on deposits.
- Wide Usage: Funds can be used for university, college, or vocational training.
Benefits of an RESP
An RESP not only helps you save for higher education but also maximizes your money through government incentives and tax advantages. The plan offers peace of mind knowing your child’s educational goals are financially supported, giving them a brighter future without burdening your budget.
Flexible Investment Options:
Funds saved in an RESP can be used for tuition, books, and other eligible education expenses at colleges, or trade schools across Canada.
Multiple Beneficiaries:
RESPs offer flexible plans, allowing you to save for one or more children, making it easier to invest in your family’s education future.
Types of RESP Plans You Can Choose
Not every family’s needs are the same — and neither are RESP plans. Explore the different RESP options available so you can choose the one that best fits your child’s education goals.
Individual RESP Plan
Ideal for saving for one child. Anyone can open and contribute to this plan, including parents, grandparents, or friends. It offers flexibility over contributions and investment choices.
Family RESP Plan
Perfect for families with more than one child. Contributions can be shared among siblings, making it a flexible and efficient way to save for multiple children’s education under one account.
Group RESP Plan
Offered by scholarship plan dealers, this plan pools your savings with others. It follows a structured schedule and can provide stable returns, but comes with stricter rules and less flexibility.
Self-Directed RESP
Gives you full control over how your RESP is invested. You can choose from stocks, mutual funds, ETFs, and more — ideal for those who prefer a hands-on approach to investing.
Why choose us
Reliable, Responsive, Global
We understand travelers' needs. With fast service, worldwide support, and real value, we help make every trip worry-free.
- 24/7 emergency support anywhere in the world
- Easy claims with fast turnaround
- Flexible plans for vacations, work, or study
Product List
- Super Visa Insurance
- Visitors Insurance
- Life Insurance
- Critical Insurance
- Disability Insurance
- RRSP
- RESP