Welcome to Kaleido,
the RESP that does MORE!
Understanding RESPs is not rocket science
Did you know that the average cost of one year of post-secondary education is about $17,000?1 Contributing to an RESP means building a financial cushion so that money doesn’t get in the way of your loved ones’ ambitions.
How does it work?
You contribute to your RESP.
Your savings grow as fast as your beneficiary’s dreams!
Governments deposit the grants directly into the RESP.
At least 30% of contributions on the first $2,500 per year per child.2
The savings grow tax-free.
With the returns generated by the investments, your savings grow year after year.
The child starts post-secondary education.
You begin withdrawing funds from your RESP.
EAPs: grants and accumulated income
Educational Assistance Payments (EAPs) can be made to students when they enrol in eligible post-secondary studies and will be added to their income.
Contributions
You may give the money to the student or use it as you see fit. The money is tax-free.
Grants2
Every time you contribute, governments do too. Up to $12,800 per child in Quebec!
CESG
Canada Education Savings Grant
Up to $7,200
QESI
Quebec Education Savings Incentive
Up to $3,600
What if the child does not pursue post-secondary studies?
You have several options. You can transfer the RESP to another beneficiary or put the income into your RRSP.3 You can also keep your RESP open in case the child goes back to school. You have until the 35th year after you opened your RESP to use the funds.
1. Source: RBC Wealth Management
2. CESG: 20% to 40% (based on adjusted net family income); maximum annual amount of $600 and maximum lifetime amount per beneficiary of $7,200. QESI: 10% to 20% based on adjusted net family income; maximum annual amount of $300 and maximum lifetime amount per beneficiary of $3,600. CLB: Up to $2,000 per beneficiary for a child born after December 31, 2003, whose family is financially eligible.
3. Some conditions apply. See our prospectus.
