RESPs (1)

Starting a Registered Education Savings Plan (RESP) early is a great way to provide a child's college or university education while taking advantage of tax-sheltered savings. All deposits made by you will be supplemented by the Canadian Education Savings Grant equaling 20% of the first $2,000 contributed up to a maximum of $400 per year, to a lifetime maximum of $7,200. Should you use less than the maximum CESG room in one year, you can carry the remainder over to future years. Your money will accumulate tax-free, however your contributions are not tax deductible. Once the child is ready for full-time attendance at a college, university or other eligible post-secondary educational institution, he or she will be taxed on the income of the plan. Since most students have limited income, the taxes should be minimal.

All deposits are insured for up to $100,000 per plan through the Deposit Insurance Corporation of Ontario.

Effective May 3, 2008

Mutual Funds are offered through Qtrade Asset Management Inc., member MFDA.

All interest rates subject to change without notice.

(1) Minimum interest paid per payment period - 75¢. All rates stated are per annum. All CDN$ term deposits, RRSPs, RRIFs, RESPs, and LRIFs have a $500 minimum. On non-redeemable term deposits, interest is paid or compounded annually.