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Personal Services - RESP Investing
An RESP is an education investment plan that allows you
to accumulate money in an investment portfolio for your child's or beneficiary's
post-secondary education.
Features:
- Withdrawals can be used towards tuition, school books
and living expenses
- Contributions grow by compounding in a tax-sheltered
environment until withdrawal
- The government contributes 20% (current) on the first
$2,000 in annual RESP contributions
- Maximum contribution per year $4,000 per child, maximum
lifetime contribution $42,000 per child
- Income earned is taxed at the child's lower rate when
withdrawn
- Allows the ability to change the beneficiary or withdraw
used contributions tax free
Deposit
Insurance |
Deposits in registered savings plans are fully insured. Other Canadian dollar deposit insured up to $100,000.*
*For further information on deposit insurance, please ask for a brochure at the credit union or call DICO at 1-800-268-6653 or log on to the web site at www.dico.com. |
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