Group Savings Plan

Our Group Savings Plan is best suited for parents with younger children because it offers an affordable and easy way to buy into an RESP when your child is young.

For example, you can start an RESP for a child under one year of age for only $9.50 a month. The younger your child is, the less it costs and you get a potentially higher rate of return on your investment compared to our Individual and Family Savings Plans.

You can open a Group Savings Plan for a child under 13 years of age. Your child must collect all payments from the plan prior to turning 26 years of age or before the 26th year of the plan, whichever comes first.

Most of our clients choose the Group Savings Plan because of its many benefits.

You Have Options

Based on your finances and how you would like to contribute, we offer you a wide range of savings options:

Scheduled Contributions

Single Contributions

Combination of Plans

What If My Child Does Not Pursue Post-Secondary Studies?

No problem. We offer flexible options. If your child does not pursue post-secondary education, you may:

• Transfer the plan to another eligible beneficiary.
• Transfer to the Individual or Family Savings Plan. From there, you can transfer up to $50,000 of investment income to your RRSP or spousal RRSP tax-free, provided you have sufficient contribution room. (If the child is over the age of 21 and the plan has been open for over 9 years.)
• Withdraw the interest as income and pay tax on it at your marginal rate, plus an additional tax of 20%. (Same conditions as above).
• Your principal will always be returned to you in full, tax-free.