How to Start Saving for Your Child’s Education with an RESP from BCU Financial

Are you wondering how to open an RESP account? This has been a popular question lately, as parents are already thinking about the quality of education their children receive. A Registered Education Savings Plan is a government-supported way to accumulate college or university education funds.

At Buduchnist Ukrainian Credit Union or BCU, you will get support made just for you. They will assist you in Ukrainian and support you at every step of the RESP setup process. This union is known for its long-standing reliability and has been serving the needs of the Ukrainian community in Canada.

What Is an RESP and How Does It Work?

A Registered Education Savings Plan (RESP) allows you to build savings and lets that money grow without taxes until your child starts next-level schooling. In turn, the government financially supports it by sending CESG grants of up to $7,000 and CLB grants of up to $2,000 for low-income families.

When the student begins their studies, the funds are withdrawn not by you but by the child, who is most likely to have little or no income, meaning taxes are either minimal or absent.

How to Open an RESP Account at BCU Financial?

To take advantage of all the benefits of RESP with BCU Financial, follow these simple steps:
Here’s what you need to do:

1. Gather documents: You will need your child’s SIN number and personal document.
2. Schedule a consultation: BCU Financial experts will help you calculate the benefits for your family.
3. Apply for government grants: Specialists will help you fill out forms for CESG and CLB.
4. Start making contributions: The total contribution limit is $50,000 per child, but no annual limit exists.
5. Monitor your savings growth: The funds are invested and grow over time, generating returns.

This is the best way to save for university, as the government essentially “adds” to your contributions, and the money grows faster due to tax advantages.

Conclusion: Why Should You Open an RESP at Buduchnist Credit Union?

Choosing Buduchnist Credit Union (BCU Financial) to open a registered education savings plan is a wise decision for every Ukrainian family in Canada. Here, you will receive professional support in Ukrainian, simple explanations, and all necessary paperwork assistance. BCU Financial experts will help you fully utilize government grants and tax advantages.

This is a real opportunity to secure your child’s future without debt — thanks to a financial institution that cares about its community.