Children's Education

A Registered Education Savings Plan can help you save for  a child's post-secondary education.

 
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Our plans for children is a “participating” whole life insurance plan providing your child security, flexibility and a head start for any financial need in life including education, down payment on a home or starting a business.

  • It combines guaranteed cash values, lifetime tax-free dividends and permanent life insurance
  • It provides cash values that can be used by your (grand)child for any financial need from education to down payment on a first home or to start a business
  • It includes permanent life insurance that grows in value throughout your (grand)child’s life regardless of any health issues that may arise

It grows for their education:

  • It is a life insurance plan for your child that doubles as an education fund
  • Guaranteed cash value grows tax-free from the day you open it
  • It can be given as a tax-free gift anytime after your child turns 18
  • It includes permanent life insurance that grows in value throughout your child’s life regardless of any health issues that may arise
  • Child has the freedom to attend any university or education program around the world, not only those restricted  to the RESP approved list
  • The flexibility to use the cash value for any financial need in life, even if they do not attend university

Let us help you determine the right coverage to meet your need to protect your family and your finances.

 
Sample Illustration.Cash and Insurance Value is based on a deposit of $2600 annually ($216 monthly) for twenty years starting when your child/grandchild is less than 1 years old. The cash and insurance values shown are based on the illustration of a…

Sample Illustration.Cash and Insurance Value is based on a deposit of $2600 annually ($216 monthly) for twenty years starting when your child/grandchild is less than 1 years old. The cash and insurance values shown are based on the illustration of a "participating" life insurance plan from a Canadian Life Insurance Company and is based on an average annual dividend scale of 6.5%. This example is strictly for illustrative purposes only and while the "Plan" includes "cash value" and " life insurance" the dividend scale is not guaranteed and the actual values may differ.

RESP

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With the high cost of education, many parents, grandparents and other family and friends are recognizing the need to save well before the expenses become a reality. Up to a lifetime total of $50,000 per child can be saved. Contributions are not tax deductible, however investment income that’s earned within the plan isn’t taxed until it's withdrawn and it is typically at a lower rate.The federal government can add to your savings with education grants.

When you open an Education Savings Plan, you are eligible to receive the Canadian Education Savings Grant. The CESG matches 20% of annual contributions up to a maximum of $500 per year and $7,200 lifetime limit per child.

A Registered Education Savings Plan is an effective solution if you: 

  • You would like your child/children/grandchildren to have the benefits of the Canada Education Savings Grant program
  • You wish to set up a tax-efficient account where relatives or family friends can recognize a child’s special occasions (birthdays, etc.) by contributing directly to his/her post-secondary

There are two types of RESP:

Family:

  • Children, grandchildren, adopted children and stepchildren are fully eligible
  • If the eldest child doe attend post-secondary school, under certain circumstances you can transfer the grant money to other beneficiaries

Individual

  • This plan can be opened up by anyone. 
  • Since there is no age limit, you can even set up an RESP for yourself or another adult.

Let us help you determine the right coverage to meet your need to protect your family and your finances.