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RESPs
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Registered Education Savings Plan (RESP)

Each child holds a wealth of opportunity in their hands

Did you know that more than 1.5 million Canadians have opened a Registered Education

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Savings Plan (RESP), according to Human Resources Development Canada?

Don't let your child miss out on the opportunity to fulfill her or his education dreams.

The Importance of Education

"Education is a gateway to higher earnings," according to Statistics Canada and the 2001 Census.

More than 60% of Canadians in the highest earning category - over $100,000 a year - have a university degree.

The Cost

A four-year degree with living expenses factored in costs about $60,282, according to Human Resources Development Canada. In 2010, costs jump to $85,948.

When today's newborns turn 18, a four-year degree could cost more than $102,627! Imagine how long it will take to pay off $80,000 in loans.

A Solution

Start investing in a RESP today so your child won't be stuck with a large student loan when he or she finishes school.

Collect up to $7200 in grant money from the government. The government pays 20% of what you contribute up to $400 per year per child
Your contributions grow on a tax-deferred basis
Invest up to $4000 per year per child to a maximum of $42 000 over 21 years
Flexible plans enable you to select one or more beneficiaries
Both principal and interest are guaranteed and there are no fees of any kind

To qualify for the Canada Education Savings Grant, you must have an RESP in place by the end of the year in which your child turns 15.

Wise Financial Guidance To Empower You

Every dream is different and every student is unique. Contact us for more information on any of our investment options, you can meet with an OMISTA Expert at any of our three branches, or your Credential Financial Strategies Inc. Representative Ozzie MacKay. Consult with a Credential Financial Strategies investment professional before you make any decisions about an education savings plan. We have the expertise to help you build a plan that works within your means to achieve your goals.

Credential Financial Strategies Inc. is a member company under Credential Financial Inc., offering financial planning, life insurance and investments to members of credit unions and their communities. ^®Credential is a registered mark owned by Credential Financial Inc. and is used under licence.

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