Written by: Kaleido
The registered education savings plan (RESP) is a unique and advantageous investment, especially in the province of Quebec, where both levels of government offer substantial grants to encourage education savings. Government grants can supplement RESP contributions by up to $12,800―no one wants to leave that kind of money on the table! So, how exactly does one open an RESP to enjoy this funding?
First off, you must ask to be contacted by completing our online form. A scholarship plan representative in your area will then get in touch with you to book an appointment. While most parents like meeting with their representative at home, an appointment at our offices is always possible.
There are different types of RESPs and several ways to contribute. Our scholarship plan representatives can answer your questions, offer guidance and recommend a plan that’s right for you!
Not sure you can afford to save for school right now? We get it: young families often juggle multiple financial priorities, so we offer savings options for every budget. There’s no need to wait; you can start small and increase your contributions later on. The earlier you begin to contribute, the sooner your child receives grants and the longer these grow. This can make an even bigger difference if you’re eligible to the Canada Learning Bond (CLB)―a grant that gives your savings a real kick-start at plan opening.
And there are other perks too! Once you open your RESP, you can take advantage of special occasions to make extra contributions every now and then. Our RESP gift certificates are a great alternative for family and friends to offer a meaningful birthday gift by chipping in for your child’s post-secondary education—rather than an umpteenth toy! Ask your representative for more info and check out our Grandparent Program.
The RESP is first and foremost an investment, but it’s also a savings project for your child’s future. Before setting up your plan, here are some points to consider:
Your RESP should reflect your values, but also your budget. Run the numbers again. Do you know how much you can afford to save? Is this money strictly for post-secondary education or other needs as well? What are your short- and long-term goals? Does your family have insurance coverage? We know making a budget can be tricky; we suggest this article for some guidelines.
No financial acrobatics needed; these pointers are simply meant to help you establish a general snapshot of your finances. When you meet with your representative, he or she will be able to guide you and suggest a plan suited to your needs.
To open an RESP, you will need to provide the following information:
With their expert knowledge of RESPs, our representatives provide tailored recommendations and guidance every step of the way. Education is at the heart of our mission and, just like you, we want your child to succeed. At Kaleido, you’ll find dedicated employees and representatives, as well as complementary products and services for every stage of your child’s education. Families can enjoy peace of mind knowing their savings are safe and their children’s future is in good hands.
Amélie Fortin, Scholarship Plan Representative
Talk to one of our education savings professionals to learn more about our RESPs and all their options.