First Credit Union offers RESPs (Registered Education Savings Plans) to help parents save for their children’s education.
While they are not tax-deductible, investing money in RESP accounts offers some tax benefits. The biggest incentive to buy RESPs is the CESG (Canada Education Savings Grant). RESP investors receive*:
- A grant of 20% on the first $2,500 of an annual investment
- An extra $500 a year towards the child's education
- A possible lifetime difference of up to $7,200
More advantages to opening an RESP
There’s $1200 for your child’s education. Apply for the B.C. Training and Education Savings Grant (BCTESG) once your child turns six and before they turn nine.
There’s an additional $2000 for an eligible child of a lower-income family when they apply for a CLB (Canada Learning Bond). No personal contributions to an RESP are required to receive the CLB.
*Terms and conditions of government programs are subject to change at any time by the federal or applicable provincial government.
Investment options to help your RESP grow
These guarantee a set return on your money over a fixed period of time. At First Credit Union, depositors are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia. Competitive rates and a variety of term lengths are available to suit your savings goals.
Mutual funds help diversify risk and frequently generate higher returns than most deposit accounts or other savings vehicles. We offer a wide variety of solutions designed to suit different investment objectives. One of our mutual fund representatives will be happy to help you select the ones that match your investment goals.
Mutual funds are offered through Qtrade Asset Management Inc., Member MFDA
Help during the school years
Enjoy worry-free banking with one of our student accounts. For students heading off to school, we make banking easy with the latest electronic tools to help you manage your finances from near or far.