Investing in Futures with Sandhills RESP
A Registered Educational Savings Plan (RESP) is your government-approved pathway to secure funding for post-secondary education for a chosen beneficiary. At Sandhills Credit Union, we empower you to invest in the future with an RESP, where income earned within the plan remains untaxed until withdrawal.
Key Features:
Enhanced Contribution Flexibility: As of June 22, 2007, RESP contribution limits have evolved to better serve your education savings goals. The RESP Annual Limit of $4,000.00 has been eliminated, and the maximum Lifetime Limit has been increased to $50,000.00, effective for the 2007 taxation year and beyond.
Generous Grants for Education: The Canadian Education Savings Act underwent amendments on June 22, 2007, enhancing the Canadian Education Savings Grant to 20% on the first $2,500.00 contributions made in 2007. This means more support for your educational savings efforts.
Flexible Ownership: The subscriber, whether an individual or a combination of individuals and their spouses, holds the registered ownership of the RESP. Contributions made by the subscriber are not tax-deductible, allowing for strategic financial planning.
Designated Beneficiaries: Each RESP typically designates one beneficiary who is eligible to receive payments from the plan. However, a Family Plan option is available, allowing for multiple beneficiaries. Under a Family Plan, beneficiaries must be “related” to the subscriber, providing flexibility for diverse family structures.
Canada Education Savings Grant Boost: The Canada Education Savings Grant was specifically enhanced, providing a 20% grant on the first $2,500.00 contributions made in 2007. Further details on this grant and its benefits are available for your reference.
Investing in education is an investment in the future. Sandhills Credit Union is dedicated to supporting your educational aspirations through our comprehensive RESP options. Discover the advantages of our RESP offerings and secure a brighter future for your loved ones. Learn more about the Canada Education Savings Grant and embark on a journey towards educational success with Sandhills Credit Union.
