Common questions

  • Life Insurance can protect your family from any financial crisis
  • You leave a completely tax-free inheritance to your dear ones or beneficiaries
  • Life Insurance can pay for your funeral expenses
  • You can clear your debts and loans with Life Insurance
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Registered Education Savings Plan (RESP)

A Registered Education Savings Plan is the perfect way to finance the post-secondary education of your child, as it gives you the option to amass up to $50,000
  • You can build tax-free savings.
  • You will receive a benefit from a Canada Education Savings Grant (CESG) equal to or up to 20% of your yearly contributions.
  • If you reside in Quebec City, you will be eligible to receive up to 10% of your yearly policy contributions from the government for a Quebec Education Savings Incentive (QESI).

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Under the RESP, who can be a beneficiary?

Under the Registered Education Savings Plan (RESP), the beneficiary can be your grandchild, child, nephew, or niece who enrolls in a well-established post-secondary educational institution as a student full-time, regardless of their age. An individual can be the beneficiary of more than one Registered Education Savings Plan.

If the plan beneficiary doesn't enroll in a post-secondary educational institution, what happens?

  • You have the choice to nominate a new beneficiary.
  • You can move the contributions to your Registered Retirement Savings Plan or your spouse's Registered Retirement Savings Plan. Note – Transfer of donations subject to particular terms and conditions.
  • You have the option to donate your Registered Education Savings Plan to an education institution and reap the tax advantages of a charitable institution.
  • You can use your Registered Education Savings Plan funds for any financial emergency for which you will be taxed an additional 20% of your regular income.
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You have up to 31st December of the child’s 17th birthday for the grants to be paid up. The beneficiary must live in Canada and have a Social Insurance Number (SIN). If they do not claim the grants, you have until 31st December of the beneficiary’s 17th year, provided the plan is still in effect to make a claim.
Note: The claim is subject to the terms and conditions as per the law.