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RESP - Registered Education Savings Plans
Programs at Ashton College qualify to use Registered Education Savings Plan (RESP) resources.
What is an RESP?
It is special savings plan, like a savings account, registered by the Government of Canada to help save funds for a child’s post secondary education. The benefit of the plan is it grows tax-free and offers opportunities to obtain additional government funding in the form of a Canada Education Savings Grant or Canada Learning Bond.
How to Open an RESP
Opening an RESP requires two simple steps:
1. Apply for a Social Insurance Number (SIN).
2. Choose an RESP Provider.
Choosing an RESP Provider
RESPs are offered by most financial institutions. It is important to choose providers carefully, as they will be responsible for managing your contributions, as well as making the payments to the child named in the plan. Check out Canlearn.ca for tips that will help you choose an RESP Provider.
Questions for RESP Providers
It is important to ask your provider about investment options and to request a list of fees or penalties that you may be required to pay. Canlearn.ca provides a helpful list of questions for RESP Providers.
Using Your RESP
Upon enrolling in a program at Ashton College, the child named in your plan will become eligible to receive payments from the RESP known as Education Assistance Payments (EAP’s) to help cover the costs of their post secondary education. For more information on EAP’s click here .
For more information on RESP’s visit Canlearn.ca or the Human Resources and Skills Development Canada website.
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