September 30, 2024

Unlock Free Money for Your Child’s Education with an RESP

As a parent, saving for your child’s education can feel overwhelming. But did you know that the Government of Canada offers a way to boost your savings—and it’s almost like getting free money? Through a Registered Education Savings Plan (RESP), you can maximize your savings with government contributions that match your investment. Let’s break it down so you don’t miss out on this incredible opportunity!

How Does an RESP Work?

An RESP is a special savings account specifically designed for your child’s post-secondary education. The big advantage? The government will contribute up to 20% of your annual contributions, meaning they give you money just for saving!

• Canada Education Savings Grant (CESG): For every $2,500 you contribute each year, the government adds $500—up to a lifetime maximum of $7,200 per child!
• Canada Learning Bond (CLB): If your family qualifies for lower income brackets, you may be eligible to receive an additional $2,000 without needing to contribute a cent.

That’s right—you’re essentially getting free money from the government, all of which grows tax-free until it’s needed for tuition, books, and more.

Why This Matters for Your Savings

Take advantage of this opportunity, and your savings can grow significantly over time. Let’s say you contribute $2,500 annually for 15 years. With government grants and an average return of 5%, your total could grow to over $65,000! That’s a huge boost toward your child’s future—and it’s money you won’t want to leave on the table.

Embark: A Great Place to Start Your RESP

If you’re ready to start saving for your child’s future, Embark is a fantastic choice to help you get started with an RESP. Embark offers a range of RESP plans, making it easy for families to take advantage of the government’s grants and maximize their education savings. With low fees, a variety of investment options, and excellent customer support, Embark provides everything you need to ensure your RESP works for you.

Exclusive Offer: When you join our community today, you also get the chance to enter our EXCLUSIVE New Parent Giveaway for a $1,000 shopping spree, sponsored by Embark! It’s the perfect way to kickstart your savings and enjoy some extra goodies for your family.

RESP Rules: How to Make the Most of It

1. Max Out Contributions: To get the full $500 annual CESG, aim to contribute $2,500 per year.
2. Catch Up on Missed Contributions: If you haven’t maxed out in previous years, you can still catch up by making extra contributions.
3. Choose the Right Provider: Be sure to research RESP providers, and with Embark, you have access to flexible, low-cost plans.

Why You Shouldn’t Wait

Starting early allows you to make the most of compounding growth. The sooner you start contributing, the more your savings will grow. Don’t miss out on the free money available to you through the CESG and CLB—it’s an easy way to take the stress out of planning for your child’s education.