Invest in your child's future.

A Registered Education Savings Plan (RESP) is a government-approved investment plan that provides funding to a beneficiary for post-secondary education.

With an RESP, a parent — or grandparent, spouse, or common-law partner — makes contributions to the plan. These contributions are not taxable, as long as the money stays in the RESP. Income earned within the program is not taxed until it is withdrawn.

The lifetime contribution limit is $50,000 per child. When it comes time for the child to begin their post-secondary education, the accumulated funds can then be used to help finance his or her schooling.

Flexibility is a significant benefit of an RESP. You decide how much and when to withdraw the funds. Use withdrawals for an array of educational costs, including tuition, books, equipment, accommodations and living expenses.

An RESP can be established as soon as the child has a social insurance number. By starting an RESP early and contributing regularly, you can ensure that your child has the funds for his or her post-secondary education.

The Canada Education Savings Grant, a federal government program, may add to your RESP contributions (up to a maximum of $500 per year, per child). The grant is payable until the end of the calendar year in which the child turns 17. The maximum lifetime government payment is $7,200.

The Canada Learning Bond offered by the Government of Canada also helps parents of modest incomes begin saving for their child’s post-secondary education. The program includes a one-time payment of $500; followed by $100 for each subsequent year that the child continues to qualify, up to a maximum of $2,000.

Investing with Casera will help bring you peace of mind. All deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba. Contact your neighbourhood branch today for more information.