RESPs

The ideal way to save for a child or grandchild's education!

A Registered Education Savings Plan (RESP) permits savings to grow tax-free until the beneficiary is ready to go full-time to college, university, or any other eligible post-secondary educational institution. When the student begins to use the RESP for education, the income accumulated becomes taxable. However, because the student typically has little other income, he or she may pay little or no tax on RESP income. Ladysmith & District Credit Union staff can work with you to determine whether an individual or family plan may be best for your unique needs. Ladysmith & District Credit Union is one of the few financial institutions that offer a competitive interest rate within an RESP savings account. We also offer term deposits from 1 to 5 years, providing you with many different options to help save for your child's education.

Canada Education Savings Grant

Contributions made to an RESP may be eligible for the Canada Education Savings Grant which provides up to $400 per year paid directly to the RESP plan from the Government of Canada.

For more information

Please contact us for more information or contact us online and one of our friendly and knowledgeable investment specialists will respond to your request.

 

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