A good education is one of the greatest gifts you can give your child — and with the Registered Education Savings Plan (RESP), you can ensure their dreams come with less debt and more opportunity. At Punjab Insurance Calgary, we help you open, grow, and manage your RESP so your children can focus on learning, not worrying about student loans.

📘 What is an RESP?

The Registered Education Savings Plan is a tax-advantaged savings account that helps Canadian parents, guardians, or relatives save for a child’s post-secondary education. Not only are your investments tax-sheltered, but the government also contributes up to $7,200 per child through grants!

RESP Key Features & Benefits:

• Tax-Free Growth: All earnings on your contributions grow tax-free until withdrawn.
• Government Grants: Get up to $500/year (20% of contributions) per child through the Canada Education Savings Grant (CESG) — with a lifetime maximum of $7,200.

• Additional Grants: Depending on your income, you may qualify for the Canada Learning Bond or additional CESG support.
• Flexible Use: Funds can be used for tuition, books, living expenses, and other education-related costs.
• Contribution Limit: Up to $50,000 per beneficiary (no annual limit).
• Multiple Contributors: Parents, grandparents, relatives, or friends can contribute.

Investment Options Available:

• At Punjab Insurance Calgary, we offer RESP plans with a wide range of investment options tailored to your risk level and timeline:
• Guaranteed Investment Certificates (GICs), Low-risk options with guaranteed returns, ideal for conservative investors.
• Mutual Funds, A popular choice offering diversification through professionally managed portfolios.
• Bonds & Stocks (via group or individual plans), Higher risk, higher potential return investments for long-term growth.
• Savings Accounts