Registered Education Savings Plan - RESP

A Registered Education Savings Plan (RESP) is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within the plan is not taxed until it is withdrawn.

A Credit Union Registered Education Savings Plan is the smart way to save for your family's future. A post-secondary education is critical in an increasingly competitive job market. Each year, fewer high school graduates are in a position to afford to continue their education. With the costs of higher education increasing every year, early planning is essential. Let ERICKSON CREDIT UNION help you invest for your family's education.

• Increase your earnings with a minimum Canada Education Savings Grant of 20% on the first $2500.00 in annual Registered Education Savings Plan contribution
• Allows contributions to grow by compounding in a tax sheltered environment until withdrawn
• Withdrawals are made in the name of your beneficiary, spread over a number of years. Your beneficiary pays little, if any, income tax at their marginal tax rate (which is usually lower)
• Fixed rate deposits are available