RESP for Kids in Ontario
Start Early, Save Smart for Their Bright Future
A child’s education is one of the most valuable investments a parent can make. With rising tuition and living costs, planning ahead is essential. A Registered Education Savings Plan (RESP) helps you save for your child’s post-secondary education with the benefit of tax-sheltered growth and government grants.
At Baljit Kaur Insurance Services, we help Ontario families set up and manage RESPs that are simple, flexible, and built for long-term success.
What Is an RESP?
A Registered Education Savings Plan (RESP) is a government-registered account designed to help parents and guardians save for a child’s education. Contributions grow tax-free, and eligible beneficiaries can receive the Canada Education Savings Grant (CESG)—boosting your savings by up to 20% annually, to a lifetime maximum of $7,200 per child.
Tuition and fees
Books and school supplies
Housing and living expenses
Other post-secondary costsInvestment Options
Benefits of RESP for Kids
- Tax-deferred growth on all investments
- Government grant contributions up to $500/year
- Withdrawals are taxed in the child’s name—usually at a very low tax rate
- Flexible investment options (mutual funds, GICs, bonds, etc.)
- Funds can be used for universities, colleges, trade schools, and apprenticeships
Who Should Consider It?
- New parents or families with young children
- Guardians or relatives wanting to contribute to a child’s future
- Families looking for long-term, tax-efficient savings
- Those seeking a low-risk investment with guaranteed government support
Invest in Their Education—Start Today
Your child’s dreams are worth every dollar saved. Let us help you create a strong financial foundation for their future education.