A Registered Education Savings Plan (RESP) is a special trust arrangement, but it is not subject to trust rules in the Income Tax Act. It must be terminated by the end of the year that includes the 25th anniversary of the particular plan. Contributions can be made during the first 22 years of the plan's existence. There are two types, family and individual.
The Canada Revenue Agency website has in-depth information about RESPs. For a list of financial institutions that can open RESP accounts and their Government Grant offers click here. For a list of Canadian and International designated Educational Institutions, click here.
Sometime ago CBC run a piece on RESP and Group RESPs. You can read it here.
This information is generic and does not constitute financial advice. You should consult us before purchasing. Ektos Financial offers a selection of Investment solutions that may fit your P.A.C.T plan.
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