Education planning is really family planning—done with numbers, timelines, and clear trade-offs.
At MacDonald & Associates Private Wealth Management, we help you set a confident path for post-secondary funding while keeping your retirement, tax strategy, and long-term wealth goals fully aligned.
Using An RESP Strategically
A Registered Education Savings Plan (RESP) can be a flexible, tax-advantaged way to fund post-secondary education. Contributions grow tax-deferred until withdrawals begin, and when funds are used for school, investment income and government grants are typically taxed in the student’s hands—often at a low rate.
Key RESP details we help you plan around include:
- Lifetime contribution limit: Up to $50,000 per child (no annual minimums or maximums).
- Flexibility: In certain situations, funds may be transferred to another child’s RESP or to the contributor’s RRSP, and can be redirected if a beneficiary’s path changes.
- CESG support: The Canada Education Savings Grant can add up to $7,200 per beneficiary over time. Basic CESG is 20% on the first $2,500 contributed each year (up to $500 annually), with carry-forward room that can allow up to $1,000 of CESG in a single year.
- Additional grants: Some families may qualify for Additional CESG based on income, and some provinces offer provincial grants depending on the beneficiary’s residence.
Make School Funding Feel Clear
Book a free consultation and we’ll build an education strategy that supports your child’s future while keeping your bigger plan on track.