Tax Savings for Students
Tax season offers a valuable opportunity to ensure all legitimate tax advantages are identified and optimized, even for students enrolled in a Canadian post-secondary institution who might think their income is too low to warrant attention. Read more.
The Rising Cost of Education
How will you pay for it?
Manulife Segregated Fund RESP
Helping to fund a child’s post-secondary education is one of the most important investments you can make in their future, especially in today’s competitive environment where a good education is crucial to success. Yet, with the rising cost of tuition fees and living expenses, personal savings alone may not be enough to cover the cost of higher education.
The Manulife Segregated Fund RESP is a new investment solution to help you save for a future post-secondary education need.
What you should know:
- A Registered Education Savings Plan (RESP) is a flexible and convenient way to save for a child’s future post-secondary education
- Government grants and incentives may be available to qualified Student Beneficiaries to help RESP savings grow
- Investment income generated in an RESP is tax-sheltered as long as it remains in the plan
- When withdrawn, plan growth and government grants can be taxed at the student’s tax rate (he or she could pay little or no tax on this money)
- There is no annual contribution limit with an RESP, but the lifetime maximum is $50,000 per Student Beneficiary
- Anyone can open an RESP – parents, guardians, grandparents, other relatives, or friends
- Individuals can also purchase an RESP for themselves for future post-secondary education needs
- A segregated fund contract offers unique protection features, including death benefit and maturity guarantees
Please feel free to contact us to learn more about RESPs and get more information on the government incentives and grants available.
The Manufacturers Life Insurance Company is the issuer of the Manulife Segregated Fund Education Savings Plan insurance contract and the guarantor of any guarantee provisions therein.