Education savings provider available to discuss tax efficiencies,
increased Federal RESP incentives
TORONTO, Feb. 19 /CNW/ - The need for post-secondary education funds
usually comes before retirement, so as Canadians contemplate retirement plan
top ups and investment strategies for the coming year, they should consider
directing some money into an education savings plan for their children.
The changes to Canada's education savings program outlined in the 2007
Federal Budget provide additional incentives and flexibility, making an RESP
an even better tax savings tool.
An RESP is an education savings plan registered under the Federal Income
Tax Act that helps families save for post-secondary education. Income earned
on contributions grows tax-free until a child is ready to attend college,
university or trade school.
"RESPs are a great option for Canadians looking to benefit from tax
sheltered growth for their investments," says Peter Lewis, Vice President,
Canadian Scholarship Trust Foundation. "The increased RESP contribution and
grant limits introduced in the 2007 Federal Budget provide even greater
incentive for parents to consider an RESP as part of their 2008 investment
The 2007 Federal Budget made the following changes to RESPs:
- Increased the RESP contribution limit to $50,000, up from $42,000
- Eliminated the $4,000 annual contribution limit
- Increased the annual maximum contribution that qualifies for the
20 per cent Canada Education Savings Grant (CESG) incentive to
$2,500 from $2,000 - for a yearly maximum CESG of $500, up from $400
Peter Lewis, Vice-President, Canadian Scholarship Trust Foundation is
available to talk about how an RESP can fit into a Canadian's 2008 tax savings
plan, making the most of the 2007 Federal Budget changes to RESPs and how to
leverage available government incentives to boost education savings.
The Canadian Scholarship Trust Foundation, founded in 1960, is the oldest
and largest provider of Registered Education Savings Plans in Canada with more
than $2.3 billion in assets under administration. Its mission is to promote
the benefits of higher education and improve access by reducing financial
barriers and providing wide distribution of RESPs.
For further information:
For further information: or to set up an interview, please contact:
Tonique Harry, Gillian McArdle, (416) 504-8464, firstname.lastname@example.org,