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 $2,500 contributed up to a maximum of $500 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.

Deposits held in registered savings plans are separately insured from the deposits held in other accounts. All deposits made to RSP plans are fully insured through the Deposit Insurance Corporation of Ontario with no limit on the maximum amount.

Effective March 2, 2010

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.