RESP & SOSD. giving education a growing chance
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1 RESP & SOSD giving education a growing chance Like you, Seven Oaks School Division believes a good education is where great futures start and that includes the education your child gets after high school. That s why Seven Oaks School Division wants you to know about Registered Education Savings Plans which are also called RESPs. An RESP is an account you can open to start saving for your child s college, university, trade school or other studies after high school. What s really great is in addition to the money you save the Government of Canada will add money to your child s RESP through the Canada Education Savings Grant and the Canada Learning Bond. It s like someone handing you money for your child s education and you ll be surprised at how quickly that money can grow. Before you can get money through the Canada Educational Savings Grant or Canada Learning Bond, you need to open a Registered Education Savings Plan (RESP). The good news is that opening an RESP is easier than you might think! Get a Social Insurance Number for yourself and your child. There is no fee, but you will need some documents (such as a Birth Certificate) to go with your application. Choose an Registered Education Savings Plan Provider To open an RESP, you can go to most banks, credit unions, group plan dealers and certified financial planners who will meet with you to discuss your plan s options. Choose a guide to registered education savings plans that plant possibilities for your child s future
2 You Get Money And Your Child Gets Opportunities Like you, Seven Oaks School Division believes a good education is where great futures start and that includes the education your child gets after high school. That s why Seven Oaks School Division wants you to know about Registered Education Savings Plans which are also called RESPs. An RESP is an account you can open to start saving for your child s college, university, trade school or other studies after high school. What s really great is in addition to the money you save the Government of Canada will add money to your child s RESP through the Canada Education Savings Grant and the Canada Learning Bond. It s like someone handing you money for your child s education and you ll be surprised at how quickly that money can grow. 1 giving education a growing chance
3 Seven Oaks School Division believes a good education is where great futures start giving education a growing chance 2
4 How to Open a Registered Education Savings Plan Before you can get money through the Canada Educational Savings Grant or Canada Learning Bond, you need to open a Registered Education Savings Plan (RESP). The good news is that opening an RESP is easier than you might think! 1. Get a Social Insurance Number (SIN) for yourself and your child. There is no fee, but you will need some documents (such as a Birth Certificate) to go with your application for your SIN. You can apply at any Service Canada Centre. Check the phone book for locations or call (select option 3). 2. Choose a Registered Education Savings Plan Provider. To open an RESP, you can go to most banks, credit unions, group plan dealers and certified financial planners who will meet with you to discuss your plan s options. Choose the provider you are most comfortable with. 3. Choose which kind of Registered Education Savings Plan you want. Like any type of savings plan, you have a lot of options. You want to make sure you do what s best for you and your child. 3 giving education a growing chance
5 Your RESP provider can help you, but it s always good to ask questions such as: Are there any fees, now or later? Do I have to put a minimum amount in? (With some RESPs you do) Do I have to make regular payments? (Again, with some RESPs you do) What happens if I miss a payment? What are my investment options and what are the benefits of each choice? Can I transfer the RESP to another person or provider later and would there be a fee? (If you have more than one child, you might want to ask about a Family Plan.) Can I withdraw money early if I need to and would there be fees or penalties? Would the RESP limit the kind of educational program my child goes into after high school? What happens to the money if my child decides NOT to go to school after high school or if my child only goes part-time? Most importantly: does the RESP provide access to the Canada Educational Savings Grant and Canada Learning Bond? giving education a growing chance 4
6 Adding to Your Registered Education Savings Plan Once you decide to open an RESP, you can start adding to your savings in different ways: 1. Adding Money Yourself Some RESPs let you add money whenever you want while others have monthly payments. Some plans also allow your family and friends to put money in too. That s why it s so important to talk to your RESP provider before you open an RESP so you can decide what will work best for you. 2. Investing Though you can let the money in the RESP collect interest, you can also talk to your RESP provider about investing that money in bonds, mutual funds, stocks or other types of investment options. The right investment can help you grow the money in the RESP faster. 3. The Canada Education Savings Grant If your child is under the age of 17, you can apply for the Canada Education Savings Grant. The grant will add anywhere from $100 to $200 for the first $500 you save, depending on your family income. If you save more than $500 in your RESP, the grant could add up to $400 on the next $2000 in the account (the lifetime maximum is $7,200). 5 giving education a growing chance
7 The more you are able to save, the more the Canada Education Savings Grant will add each year. (Please Note: The Canada Education Savings Grant does have some rules for children ages 15 to 17. Be sure to ask your RESP provider to explain.) 4. The Canada Learning Bond If your child was born after December 31, 2003, AND you get the National Child Benefit Supplement, you can apply for the Canada Learning Bond. The Canada Learning Bond will add $500 to your child s RESP account, no matter how much you currently have in the account. That s $500 FOR FREE if you qualify for the bond. You could also be given an extra $25 to cover opening an RESP (if there are costs involved). PLUS you may qualify to get an extra $100 per year for your child s RESP until your child is 15 years old. That s like someone giving you up to $2,000 for your child s education, depending on when you start saving. (Please Note: To receive the Canada Learning Bond, the person who applies must be the same person whose name is on the National Child Benefit Supplement cheque.) giving education a growing chance 6
8 What Happens to the Money If? The money from the Registered Education Savings Plan can be used as soon as your child is enrolled either full-time or part-time in a qualified educational program. That can include college, university or trade school programs. But what if your child decides NOT to go to school after high school? What happens to the money then? If your child is thinking about going to school later, you can simply leave the RESP open (an RESP can remain open for up to 36 years). If you have other children, you could transfer the money to another RESP for them (as long as you have a Family Plan). You could transfer the money into a Registered Retirement Savings Plan (RRSP) for yourself (as long as your plan allows you to add the money and minus any grant money that has been added). You could simply withdraw the money (though there may be certain conditions and taxes involved). It s important to know that if your child doesn t go to school after high school any RESP money from the Canada Educational Savings Grant and Canada Learning Bond will have to be returned (including interest earned on grant or bond money). But the good news is all the money you saved yourself is yours to keep*. The money you save will go to your family one way or another. 7 giving education a growing chance *NOTE: Any interest your RESP made will be taxed when you close your RESP without using it towards education. And the RESP will be taxable once a student uses the money for their education.
9 The money you save will go to your family one way or another giving education a growing chance 8
10 More RESP Information = The Best RESP For Your Family When it comes to Registered Education Savings Plans, the more you know, the easier it is to make a decision about what will work best for you and your family. Your RESP provider can tell you about all your options and the benefits of each choice. But you can also learn more on your own before you meet with any potential RESP provider. Here are some places to begin looking for more information: On RESPs: The Financial Consumer Agency of Canada Toll-Free: (English) (French) Website: On the Canadian Education Savings Grant or the Canada Learning Bond: CanLearn Toll-Free: O-Canada ( ) TTY Number: Website: 9 giving education a growing chance
11 On RESPs in Manitoba: The Manitoba Securities Commission Toll-Free: for any general inquiries about RESPs Website: On applying for a Social Insurance Number (SIN): Toll-Free: (select option 3) Website: You can also ask for information and materials on Registered Education Savings Plans at your child s school. PLEASE NOTE: The information provided in this book is meant to make you aware of Registered Education Savings Plans (also known as RESPs) and their potential benefits for your child. Before making a decision on RESPs, you should always discuss your options thoroughly with a qualified financial professional. giving education a growing chance10
12 For more information, contact: Seven Oaks School Division 830 Powers Street Winnipeg, MB R2V 4E7 T:
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