Foam Lake Credit Union

Save for your child's future with an RESP

A Registered Education Savings Plan (RESP) is a tax-sheltered government plan designed to help you save up to $50,000 for a child’s post-secondary education – whether it’s your child, a grandchild or a friend's child.

Grow your money – Because your RESP is tax-deferred, your earnings will be tax sheltered until the child withdraws them for education.
Anyone can contribute – Niece, nephew, child of a friend, or your own child – you can help make their future educational dreams a reality.

Less tax when withdrawn – When the child begins to withdraw funds for their education, they will pay less tax as they will likely be in a lower tax bracket.
Benefit from the Canada Education Savings Grant – The federal government will contribute up to a lifetime maximum of $7,200 to your child's plan.

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Whether you're an investing expert or a total beginner, our experienced team will tailor their advice to help you maximize your child's education savings.

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How much will I save?

Our RESP Calculator will help you figure out how much you can set aside before the child starts school, and how government grants will help your savings.

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Enjoy the benefits of an RESP

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