RESPs: Savings That Grow

As parents, we all want to give our kids the best shot at success, and in today’s world, that often means helping them afford post-secondary education. One of the best ways to set them up for success is by investing in a Registered Education Savings Plan (RESP). At Prosperity Credit Union, we know the cost of education can feel overwhelming, but a RESP can make a huge difference – and it’s easier than you think.

Why Invest in an RESP?

FREE Government Money

That’s right! The federal government matches 20% of your contributions through the Canada Education Savings Grant (CESG), up to $500 per year. Over time, that can add up to $7,200 in free money for your child’s education.

Access Grants and Incentives

Get even more government contributions towards their schooling through additional eligible grants (CLB – Canada Learning Bond)

Tax-Free Growth

Just like an RRSP, the money in an RESP grows tax-free until it’s withdrawn. This means more of your hard-earned money stays in your child’s education fund.

Flexible Savings

You don’t need to contribute every month or even every year. Life happens, and you can add to the RESP when it works for you.

More Than Just University

RESPs can be used for college, trade school, and apprenticeship programs, so your child has options no matter what path they choose.

How to Get Started

Let our experts do the heavy lifting! Open an RESP with Prosperity Credit Union. It’s simple, and we’re here to guide you through the process. Whether you want to start small or make regular contributions, we’ll help build a plan that works for your family. Stop by the branch, give us a call, or book an appointment to learn more.