The Registered Education Savings Plan (RESP)
The Registered Education Savings Plan (RESP)
Invest in Your Child's Future
Broadmoor specializes in RESP services, facilitating Canadian families’ investment in their child’s education within the legal framework.
We navigate the complexities of Canadian laws governing Registered Education Savings Plans, helping clients optimize savings for their children’s post-secondary education while ensuring compliance with regulations and maximizing government grants
Adherence to Laws
Our services compliant with federal and provincial tax laws, including Income Tax Act and relevant legislation
What it includes
- Contribution: Canadians can contribute to an RESP to save for a child’s post-secondary education, with contributions eligible for government grants.
- Tax-Deferred Growth: Investments within the RESP grow tax-free until withdrawn for education purposes.
- Government Grants: The government offers grants, like the Canada Education Savings Grant (CESG), matching a portion of contributions.
- Flexible Withdrawals: Funds can be withdrawn for education expenses, with taxable withdrawals taxed in the student’s hands.
- Education Savings: RESP funds can cover tuition, books, and other educational expenses, supporting a child’s academic journey.
benefits to you
- Tax-Deferred Growth: RESP investments grow tax-free until withdrawn for education, complying with Canadian tax laws.
- Government Grants: Eligible for grants like the CESG, enhancing savings for education expenses as per federal laws.
- Flexible Withdrawals: Withdrawals for education are taxed in the student’s hands, providing tax efficiency as per Canadian regulations.
- Education Savings Incentive: RESP savings cover tuition and other expenses, supporting post-secondary education, aligned with provincial and federal laws.
- Family Contributions: Family members can contribute to an RESP, fostering collaborative education savings in accordance with Canadian laws.
- Estate Planning: RESP assets can be transferred to a sibling’s RESP without tax consequences, facilitating efficient wealth transfer within families, complying with Canadian tax regulations.
How we work
Understanding Client Needs
Consult with clients to grasp their requirements, goals, and preferences, ensuring alignment with their financial strategies.
Implementing Efficient Systems
Introduce easy-to-use tools and processes tailored to client needs, promoting accuracy, compliance, and streamlined operations.
Providing Feedback and Support
Offer continuous assistance, communication, and training to ensure clients effectively utilize systems and address any concerns.
What we will deliver to our clients
- Expertise in federal Income Tax Act regulations governing Registered Education Savings Plans (RESPs).
- Adherence to provincial regulations regarding RESPs, ensuring compliance with specific provincial laws.
- Assistance with RESP contribution limits and eligibility criteria as outlined by the Canada Revenue Agency (CRA).
- Guidance on RESP investment options, tailored to meet clients' education savings goals and risk tolerance.
- Compliance with CRA guidelines regarding RESP contribution deadlines and reporting requirements.
- Review of RESP withdrawal rules and penalties, ensuring clients understand the implications of early withdrawals.
- Evaluation of RESP contribution room and carryover allowances, maximizing education savings opportunities.
- Assistance with RESP beneficiary designations and estate planning considerations.
- Provision of customized RESP solutions to optimize education savings and maximize government grants.
- Collaboration with legal and financial professionals to provide comprehensive RESP services, including legal advice and investment management.
- Transparent communication regarding RESP rules, regulations, and potential tax implications for clients.
- Proactive monitoring of legislative changes and updates to RESP-related laws and regulations.
