Ramos Financial & Insurance Solutions

Registered Education Savings Plan ( RESP )
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Each year at a typical Canadian University may cost between
$10,000 and $12,000, so it makes sense to take advantage of
all that "Registered Education Savings Plan" ( RESPs ) have to offer. 

* Take advantage of tax savings :

   RESPs offer two significant tax benefits which aren't available through regular savings

   First, your RESP will grow through tax-sheltered interest, dividends and capital gains.   Because no dollars go towards paying taxes at this  stage, all of the money remains in the plan where it can generate more growth. The result? Your RESP will increase in value more quickly than non-registered plan.

   Second, when it comes time to withdraw the interest, dividends and capital gains from the plan to pay your child's education, the tax rate will be low. This is because growth in RESPs is taxed at the student's tax rate. Since most students have much lower income than their parents, this " income splitting " stategy results in significant tax savings.

* New government grant makes RESPs even more attractive :

   RESPs are a popular way to save for higher education -- probably because they offer a terrific combination of tax savings and an annual government grant of 20 percent of the first $2,000 --- up to a $400 per beneficiary per year 

Give your child a headstart today :

   Your child's future depends on a good education and a solid financial plan. As with any aspect of your financial security, it's important to get sound advise