If you have children, and you’re already starting to save for their college or university education, you likely have a RESP – Registered Education Savings Plan. It’s a savings plan that allows the beneficiary to receive the funds to pay for education when they attend post secondary, but you probably already knew that.

There are limits to RESP’s, though. Limits like total amount of contribution, and age of the beneficiary at the time of contribution, and also yearly limits. If you aren’t sure what these limits are, perhaps it’s a good idea to get in touch with a Tax Accountant, as they are qualified to counsel you on tax laws, and can help you assess your unique situation.

For more information on registered education savings plans, and other programs that the government of Canada offers for education saving, visit the service Canada website at: https://www.canada.ca/en/employment-social-development/services/student-financial-aid/education-savings/resp/choose-resp-brochure.html or contact us.