Achieve Your RESP Goal
When you opened your RESP, you chose the education savings goal that made sense for you at the time. But a lot can happen between then and the time your child is ready for post-secondary education. Whether you want to increase, decrease or accelerate your goal, we’ll help you make the necessary adjustments to your plan. Having a goal is the most important step of all.
Increase Your Education Savings Goal
Maybe you found room in your budget to save more for your child’s education. Or perhaps you received a recent pay raise and you’re looking for the best way to use your increased cash flow.
If you have a Flex First RESP, you can increase your Total Contribution Goal (TCG) at any time, to save more for your child’s education savings. The TCG is a based on a dollar amount, so it easy to understand what you are working towards.
To increase the goal for one of our Family or Heritage Plans, you can add units or partial units to an existing plan or open a new plan (some age restrictions apply). To add units to an existing plan, you’ll need to make a lump-sum deposit to make up the additional contributions going back to the beginning of the plan plus the income they would have generated.
Accelerate Your Education Savings Goal
Sometimes, fortune smiles upon you and you are blessed with a significant sum of money to use as you see best. What better way to make the most of a family gift, work bonus or inheritance than to direct it to your child’s RESP?
With Flex First, you can make lump-sum, ad-hoc contributions to your plan to reach your TCG faster. Or you can increase your TCG in Flex First or increase units in our Family or Heritage Plans to work towards a higher education savings amount. The lifetime maximum contribution is $50,000 per child.
Decrease your Education Savings Goal
Life is full of surprises, and they’re not always good. Maybe you’ve lost your job and need to reduce your education savings goal until you get back on your feet. Whatever the reason, we can help you review your options and make the decisions that are best for your family.
You can reduce the TCG of a Flex First plan at any time so long as it is equal to or more than the total you’ve already contributed and is at least $500. Note that if you reduce your TCG to less than $2,500, your plan will no longer qualify for a loyalty bonus.
If you have one of our Family or Heritage Plans, you can decrease your education savings goal by reducing the number of units in your plan at any time prior to maturity. We can help you understand the minimum amounts required to keep the plan open.
Review Your Plan Annually
Your RESP is an investment in your child’s future. Like any investment, it’s a good idea to revisit your goal on a regular basis. A good time to do this is when you receive your annual statement of account.
Your statement includes transaction details for the past 12 months, the status of your government grants and an illustration of the potential funds that will be available when your child graduates high school. It’s a great tool to see how you are progressing towards your education savings goal and whether you need to make any adjustments.