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Registered education Saving Plan and its Benefits

Start Saving on Registered education saving plan(RESP) to stop worrying about your child's post-secondary education fee and expense.Approach Zen Plus to know more benefits.For info Visit http://www.zenplus.ca/registered-education-saving-plan. Phone: 416 220 1010

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Registered education Saving Plan and its Benefits

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  1. REGISTERED EDUCATION SAVING PLAN(RESP)

  2. WHAT IS REGISTERED EDUCATION SAVINGS PLAN (RESP) • A registered education savings plan is an investment vehicle used by parents to save for their children's post-secondary education in Canada. • It is also an  tax-sheltered plan that can help you to save for a child's post-secondary education.

  3. BENEFITS OF RESP • There are many benefits to saving for your child's post-secondary education with a Zen Plus registered education savings plan • The money is there when you need it. • Government contributions • Tax-sheltered growth • Flexibility • Tax savings

  4. 5 REASONS TO START RESP • Reduce the financial burden of your children when they attend post secondary education • Get 20% grant from federal government under the Canada education saving grant up to $500 per year or $7200 for lifetime for one RESP • Get tax exception on RESP contribution. • Not only children -it will also help parents to get rid of financial burden when their start attending the secondary education. • Reduce the child’s need to work during the year of education

  5. TYPES OF REGISTERED EDUCATION SAVINGS PLAN A registered education savings plan or RESP can be set up as a family plan with multiple beneficiaries. Under a family plan, the beneficiaries must be related to you by blood or adoption, it may be your children and grandchildren.

  6. WHAT IS EDUCATIONAL ASSISTANCE PAYMENTS (EAPS)? If the student is enrolled in a post-secondary education program; bonds, grants and the accumulated income within the RESPcan be paid to the student at subscriber’s responsibility. These payments are educational assistance payments (eaps).

  7. WHAT IF BENEFICIARY OF RESP DECIDES NOT TO PURSUE POST SECONDARY EDUCATION You will be having the following options: • If you are having a family plan, you can assign another beneficiary to accept the government grants. • If you are having an individual plan, you might have an option to name an alternate beneficiary. • If the plan is 10 years old and the beneficiary has reached 21, the subscriber can withdraw the earnings. The withdrawn amount will be considered as taxable income.

  8. ZEN PLUS • Zen plus is working for all those who are willing to get the benefits by getting registered in resp. • Thinking time is over and it is the time to take action. • Hurry up – get connected to Zen plus and register your RESP • Contact Jelan Arumuganathan insurance and financial advisor in Ontario.

  9. we are here to help you in your time of need. Stay connected with us to get Insurance & Financial Tips :

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