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REGISTERED EDUCATION SAVINGS PLANS
WHAT IS AN RESP?
RESP: a tax deferred savings vehicle through which the federal
government allows a subscriber to save money for the post secondary
education of an appointed beneficiary
* The projected cost for a university degree in 2019 is $74,000
and for a college diploma is $45,000. These estimated costs include
tuition, rent, food, textbooks, and standard additional fees and
are adjusted for an inflation rate of 3% per year. These figures
also use as their base the average 2001/2002 costs of $10,400
per year for four years of university and $8,500 per year for
three years of college. This data does not apply to Quebec. (Source:
Statistics Canada and the Association of Universities and Colleges
of Canada, 2001.)
This material is for information purposes only and should
not be construed as legal or tax advice. Every effort has been
made to ensure its accuracy, but errors and omissions are possible.
Individual circumstances may vary and specific legal and tax advice
is recommended. Future tax changes and market conditions may affect
this information.
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