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The Registered Education Savings Plan (or RESP) is an investment vehicle used to save for a child’s post-secondary education. As a general rule, subscribers can contribute to an RESP until the plan matures in the case of group RESPs. The maturity date usually falls the year beneficiaries turn 17, and thus often coincides with the year they graduate from high school. At this stage, future plans are taking shape and students begins to decide, with a little adult guidance, how to use their RESP funds!
If you opened an individual plan, you can choose to contribute for a longer period. However, regardless of the type of plan opened, eligibility for government grants ceases the calendar year beneficiaries turn 18, meaning any subsequent contributions will not attract any grant money.
To capitalize fully on the government grants, certain rules apply, particularly in the case of beneficiaries aged 15 years and up. It’s always a smart move to talk to your scholarship plan representative to get the all the facts and, most importantly, make the most of your investment.