RESPs

We all love our children and we want to provide the best opportunities for them, including a proper post-secondary education.  With a Registered Education Savings Plan (RESP) from TCU, you can help them secure their future by saving today for their post-secondary education.

And how about a little free money to add to the RESP? That’s exactly what you get as another benefit of purchasing a TCU RESP. You can take advantage of the Canada Education Savings Grant (CESG). Under this program, depending on your income, the government will provide anywhere from 20% to 40% in additional funding to your contribution to your child’s RESP.

Features

  • Both individual and family plans are available.
  • Any individual, who is the age of majority, may be a subscriber and may establish any number of plans. No relation to the beneficiary is required for individual plans.
  • Contribute up to $50,000 for each beneficiary
  • Various government grants are available depending upon residency and income level.
  • Contributions in the plan accumulate tax free until the funds are withdrawn, at which time the interest and any grant money are taxed in the hands of the beneficiary.
  • Funds are in a variable account which offers unlimited accessibility and an extremely competitive interest rate.
  • No set up or annual maintenance fees.
  • Monthly automatic contributions available.
  • Annual statements are provided.

Notes

  • Transfer out requests are subject to a transaction fee as outlined in the TCU Accounts and Fees Guide unless transferred to TCU Wealth Management
  • Your deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation
  • Subscriber and beneficiary must provide a valid Social Insurance Number (SIN) to open an RESP contract
  • Minimum $500 deposit is required to open an RESP
  • Plan may have joint subscribers if they are spouses or common law partners
  • TCU adheres to all legislative requirements as stipulated by the Government of Canada. More information can be found on the CanLearn website.

Get Started Today



Variable Rate (RESP) Rates
Variable Rate 0.60%
 

Find Branch/ATM

Enter address, postal code or branch name

Calculators