RESPs are Registered Education Savings Plans that permit savings to grow tax-free until the beneficiary is ready to go to college, university, or any other eligible post-secondary educational institution. The child is also eligible for a Grant from the Government of Canada - 20% or $400 per year whichever is lower. When the student begins to use the RESP for education, the income accumulated on the subscriber contributions and the grant, as well as the grant itself, becomes taxable. However, because the student typically has little other income, he or she effectively pays little or no tax on RESP income.

The Government of Canada has made Registered Education Savings Plans (RESPs) a clear choice for families wishing to save for their children's future education costs.

Tony Lau Insurance Agencies Ltd. offers a RESP from Heritage Scholarship Trust Plan which has consistently demonstrated outstanding investment performance, and thus helped thousands of Canadian families send their children to higher education.

What we can help. To find out more about Tony Lau Insurance RESP or to learn more about the benefits of RESP, please contact us.