RESP
A Registered Education Savings Plan (RESP) is a special savings plan for parents, family and friends to save towards
a child's post-secondary education
A Registered Education Savings Plan (RESP) is a special savings plan for parents, family and friends to save towards
a child's post-secondary education
How an RESP Works:
- When you make RESP contributions, you’ll have your choice of investments, including GICs and mutual funds.
- Receive federal government grant (a 20% bonus of up to $500 every year, to a lifetime limit of $7,200 per child).
- Contributions are not tax-deductible, but all investment income is tax-sheltered as long as it remains in the Plan.
- Withdraw money for the child's post secondary education.

What is an RESP?
What is an RESP?
An RESP is a tax-sheltered account designed specifically for assisting you in saving towards your child or grandchild’s post-secondary education.
RESP accounts can hold a variety of investments types including mutual funds, stocks, bonds, saving accounts and guaranteed investment certificates (GICs).
As your child grows up, the account will also grow. When they’re ready to go to a designated college, university or other post-secondary training, they will be able to withdraw the funds to pay for their studies.

How does the RESP work?
How does the RESP work?
To help encourage parents or providers to open an RESP and contribute, the government offers a 20% Grant up to a maximum of $500 each year.
To get the maximum of the Canada Education Savings Grant (CESG), you’ll need to contribute $2,500 annually (Your child is entitled to a lifetime limit of up to $7,200 in CESG.)
Depending on your household income , there are other incentives available.

Who can open the RESP?
Who can open the RESP?

Are there any disadvantages to the RESP?
Are there any disadvantages to the RESP?

How to open an RESP?
How to open an RESP?
Opening an RESP for your child or grandchild is an easy process. To start, both you and the child need social insurance numbers (SINs).
You’ll also need to choose an RESP provider, in which Rocky Credit Union offers Concentra Financial, or you can choose Mutual Fund Options.
You'll want to choose an RESP provider that offers the type of investments you’d like to invest in for your child or grandchild and flexibility depending on the timelime.

What is an RESP?
What is an RESP?
An RESP is a tax-sheltered account designed specifically for assisting you in saving towards your child or grandchild’s post-secondary education.
RESP accounts can hold a variety of investments types including mutual funds, stocks, bonds, saving accounts and guaranteed investment certificates (GICs).
As your child grows up, the account will also grow. When they’re ready to go to a designated college, university or other post-secondary training, they will be able to withdraw the funds to pay for their studies.

How does the RESP work?
How does the RESP work?
To help encourage parents or providers to open an RESP and contribute, the government offers a 20% Grant up to a maximum of $500 each year.
To get the maximum of the Canada Education Savings Grant (CESG), you’ll need to contribute $2,500 annually (Your child is entitled to a lifetime limit of up to $7,200 in CESG.)
Depending on your household income , there are other incentives available.

Who can open the RESP?
Who can open the RESP?

Are there any disadvantages to the RESP?
Are there any disadvantages to the RESP?

How to open an RESP?
How to open an RESP?
Opening an RESP for your child or grandchild is an easy process. To start, both you and the child need social insurance numbers (SINs).
You’ll also need to choose an RESP provider, in which Rocky Credit Union offers Concentra Financial, or you can choose Mutual Fund Options.
You'll want to choose an RESP provider that offers the type of investments you’d like to invest in for your child or grandchild and flexibility depending on the timelime.
A Smart Way to Save for your Childs Education -The Gift of a Brighter Future
Whether you’re a parent or relative, one of the best gifts you can give a child is the gift of post-secondary education. By opening an RESP when your child is born, they’ll thank you years later for setting them up for a brighter future.
Mutual Fund
Investment Options
We know your financial needs go beyond traditional banking products. Choose to invest your money in Mutual Funds or other securities. Through Credential Asset Management Investment Inc. professionals at Rocky Credit Union, we can provide access to a comprehensive line of investments, including a variety of mutual fund companies.