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Offer an RESP as a Gift

Written by: Universitas

December 10, 2013

Struggling for Christmas gift ideas? Rather than running to the stores to find the perfect toy, why not invest in the future of your child, grandchild or niece or nephew? Unlike short-lived gifts, the present of contributing to a child's registered educational savings plan (RESP) increases in value over time!

According to a survey1 of Quebec families conducted by Universitas, 34% of middle-class parents report spending between $250 and $500 per child for Christmas. The following are the most popular gift choices among respondents (young parents aged 18-34):

  • Clothes (52%)
  • Toys (51%)
  • Cash money (43%)


Why not Think Outside the box for Christmas This Year?

Why not have your creativity challenged and offer a unique gift to a child close to you? Here’s a top-ranking list of the most sought-after non-traditional gift choices: trips or family activities (1st place), contribution amounts in an RESP (2nd place) and pet animals (3rd place).

Close to 75% of the parents surveyed reported that they were keen to see their child receive RESP contributions from a family member for Christmas. This enthusiasm is most notable for young parents aged 18-34 (79%). This is understandable, since parents can hardly find a more fruitful gift; one in the form of an investment that will keep on growing. By saving in an RESP, the governments of Canada and Quebec invest with you; altogether, your child's education savings could be increased by up to $12,8002 in government grants.

An RESP for a child? You might think it seems too vague a gift. Your concern is comprehensible. But why not offer a more tangible and less expensive gift ― say, a toy ― and at the same time, invest the rest in an RESP? By doing so, not only you get to meet the child’s immediate expectations, but you will also get a chance to allow him as a student to achieve his dreams.

Some of the possibilities include purchasing a gift certificate applicable to a registered education savings plan offered by Universitas Trust Funds or opening an RESP directly with this institution. Learn more by visiting universitas.ca or by contacting our Customer Service department at 1 877-710-RESP (7377).

1.Online CROP survey conducted among 1,000 Canadians, using a web panel between September 12 and 17, 2012.
2.The Canada Education Savings Grant (CESG) is equal to 20% to 40%. The Quebec Education Savings Incentive (QESI) is equal to 10% to 20%. The Canada Learning Bond (CLB) can reach up to $2,000 for a child born after December 31, 2003, from a family who receives the National Child Benefit Supplement. Amounts based on net family income. Certain conditions apply.

Next article

RESP ― Making the Most of Government Education Savings Grants

Par Universitas

When it comes to making RESP contributions, how different is it from one institution to another? Aren’t rules governing grants the same for everyone? Shouldn’t we be expecting to receive the same grant amounts from one institution to the other? Generally speaking – yes. However, in reality, things get a bit tricky.

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