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RESP- Registered Education Savings plans

Planning For The Future…


RESP is a government-approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within the plan is not taxed until it is withdrawn. A Victory Credit Union Registered Education Savings Plan is the smart way to save for your family’s future. A post-secondary education is critical in an increasingly competitive job market. Each year, fewer high school graduates are in a position to afford to continue their education. With the costs of higher education increasing almost every year, early planning is essential. It will cost an estimated $112,700 to receive a university education in the year 2018.

Compare this amount to:

  • 1962 Average cost of $6894
  • 1998 Average cost of $60,842

Investing in an RESP is an important step towards securing your child’s future.

Victory Credit Union offers a variety of competitive options for RESP investments. You can choose one option or diversify your strategy with a variety of investments. Victory Credit Union offers convenient monthly deposits, which can make securing your child’s future more easily affordable.

Canada Education Savings Grant (CESG)

Employment and Social Development Canada provides an incentive for parents, family and friends to save for a child’s post-secondary education by paying a grant based on the amount contributed to an RESP for the child. The CESG money will be deposited directly into the child’s RESP. No matter what your family income is, ESDC pays a basic CESG of 20% of annual contributions you make to all eligible RESPs for a qualifying beneficiary to a maximum CESG of $500 in respect of each beneficiary ($1,000 in CESG if there is unused grant room from a previous year), and a lifetime limit of $7,200. For more information on CESG click here.

Canada Learning Bond (CLB)

Employment and Social Development Canada provides an additional incentive of up to $2,000 to help modest-income families start saving early for their child’s education after high school (post-secondary education). For families entitled to the national child benefit supplement for their child, the CLB will provide an initial $500 to children born on or after January 1, 2004. To help cover the cost of opening an RESP for the child, ESDC will pay an extra $25 with the first $500 bond. Thereafter, the CLB will also pay an additional $100 annually for up to 15 years for each year the family is entitled to the NCBS for the child.

For more information on the CLB click here.



  • Head Office

    Head Office

    41 Gerrish Street
    P.O. Box 340
    Windsor, NS
    B0N 2T0
    Tel: (902) 798-1820
    Fax: (902) 798-1255

  • Brooklyn

    Brooklyn Branch

    7763 HWY 14
    P.O. Box 40
    Newport, Hants Co., NS
    B0N 2A0
    Tel: (902) 757-2525
    Fax: (902) 757-1766

  • Kennetcook

    Kennetcook Branch

    6206 Hwy. #354
    Comp. 8, Box 8
    Kennetcook, NS
    B0N 1P0
    Tel: (902) 362-2594
    Fax: (902) 362-2150

  • Windsor

    Windsor Branch

    150 Wentworth Road
    P.O. Box 340
    Windsor, NS
    B0N 2T0
    Tel: (902) 798-5726
    Fax: (902) 798-4425

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