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Let us show you how to take your RESP dollar to upto a 35% return with the "SMARTEST RESP IN TOWN"

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What is an RESP ?
An RESP is a special savings plan, like a savings account, that helps you, your family or friends to save early for a child's education after high school. RESPs, which are registered with the Government of Canada, allow savings for education after high school to grow-tax free. They're also eligible for extra money through the government's Canada Education Savings Grant and, if you qualify for the program, the Canada Learning Bond

Why Invest in an RESP ?

Would you like to ensure that your children or grandchildren have the necessary financial resources to go to University ?
Studies show that a post-secondary education & training are increasingly important in today's ever changing environment.

In the 2000's:

  1. 65% of new jobs , or almost 2 out of 3 , will require a post-secondary education
  2. Stats reveal that infact, full-time students in canada paid $14,500 on average to cover a year of post secondary expensesin 2003-2004. That's roughly $58,000 for a four-year program *Source: CanLearn

What are your choices ?

  1. Let your children go into debt to pay for their education
  2. Pay or borrow the amounts required while your child is at university
  3. Save now & be able to offer this opportunity to your child later on

We all understand that planning for our future is so very important, and opening an RESP for your child's future education today is simply the right thing to do. Your investments earn compounded interest in professionally managed portfolios , aided by atleast 20% grant from the government & we can show you how to take that aid upto 35% with an additional 15% bonus. Any other investment is not likely to produce similar returns. Call us today to take the next step for your child's bright future !

Who can open & contribute to an RESP ?

Whether you're parents, grandparents,legal guardians, family members or friends ...with a canadian address & a Social Insurance Number (SIN#) you can open an RESP & give this beautiful gift to a child as an Individual Plan. However, to be able to open an RESP as a Family Plan , the subscriber must be related to the beneficiary by blood or adoption, a parent, grandparent, brother or sister. Uncles & aunts would not be possible.

How much can I contribute/save & what are my investment options?

  1. For all RESP's for the same beneficiary:
    1. Per Year:
      1. NO annual plan contribution limit
  2. Lifetime limit for the plan:
    1. Maximum contribution plan limit of $50,000
  1. For how long can these contributions be made ?
    1. Contributions can be made upto the plan's 31st anniversary
    2. Plan duration: 35 years
    1. Once your RESP is opened , you may have investment possibilities, these include:
      1. Guranteed rate, fixed-term investments
      2. Mutual funds
      3. Bonds
      4. Canadian Equties
      5. U.S. & International Equties
  2. Our RESP's also include a gurantee for sums invested ( Talk to our Licensed Financial Advisors for details )

The table below outlines the specifics of the CESG Grant provided for by the Federal Government:

CESG Grant

Tax Implications:

Accumulated income on contributions & on grants:
  1. Non-taxable as long as there are no surrenders
    1. Will be taxable to the beneficiary when Educational Assistance Payments (EAP) are made (as income)
  2. If the child doesn't go to University:
    1. Will be taxable to the subscriber when Accumulated Income Payments (AIP) are made (on withdrawal)
  3. The contributions themselves are non-taxable , but income generated on them is.

RESP Components

Are there Different types of RESP Plans ?

An RESP is available in two flavours:

  1. As a Family Plan
  2. As an Individual Plan

For both the Family & Individual plans:

  1. PAC contributions are available for as low as $25/month
  2. Lump-sum payments can be made at any time in amounts of $100min or more
  3. Choice of investment options or a fully managed portfolio
  4. Eligible to government grants
  5. Access to your capital at all times
  6. Tax-sheltered accumulations
  7. Tax-free withdrawal of contributions
  8. Possibility to change the Plan's beneficiary at any time
  9. Possibility to transfer investment income to your RRSP, if your child does not pursue a post-secondary education

SafeNet Financial recommends an individual plan , it can help you take that 20% aid upto 35% & offers a fully managed portfolio. For more details book an appointment with one of our Licensed Advisors to help you make sense of the available options & help decipher which one is right for you !

How does an RESP plan pay out ? What are the terms & conditions ?

Payments from an RESP plan come out as EAP's ( Educational Assistance Payments ) . An educational assistance payment (EAP) means any payment to a beneficiary of the RESP to help pay the cost of post-secondary studies including tuition, lodging, school supplies,transportation, food, etc.

For a beneficiary to be eligible to receive the EAP (made up of the investment income, the education bonus and the CESG), he/she must be enrolled at a designated educational institution and meet one of the following two conditions:

  1. Be registered as a full-time student (minimum of 10 hours of classes per week) in a qualifying educational program;
  2. Be registered part-time (minimum of 12 hours of classes per month) in a qualifying educational program

The terms of payment are as follows:

  1. Proof of the beneficiary's enrolment, indicating the registration fees and duration of the courses, must be included with the request for payment sent to the promoter
  2. The subscriber may decide to include all or a part of his/her invested capital with the EAP paid to the beneficiary
  3. The subscriber decides the amount and frequency of payments to the beneficiary, as long as they do not exceed $5,000 during the first thirteen (13) weeks for full-time student and $2,500 per thirteen (13) weeks semester for part-time student
  4. The promoter will pay the amounts directly to the beneficiary or the designated educational institution where the beneficiary is enrolled in a qualifying educational program, according to the subscriber's instructions received. The beneficiary can receive EAPs for up to six months after he/she is no longer attending a postsecondary institution. In this case, said former student must furnish proof of attendance for their last educational session.
  5. The EAP becomes taxable income and the beneficiary must include this income on his/her tax return for the year in which the income was received (with the exception of the portion of the invested capital, if any, which is not taxable).

RESP Loans

Would you like to increase your contributions, but your current budged does not allow it ?

SafeNet Financial can also offer you plans that offer you an RESP Loan! Its a solution that lets you increase the amounts available in your RESP & receive the maximum government grant, while staying within your budget.

An RESP loan is:

  1. Available for an amount equal to your contract's current contributions (upto 100%)
  2. No interest or repayment required until the end of the plan as long as the loan ratio does not exceed 75%
    1. However, it can also be repaid at any time
  3. A tool to help you recover unused CESG room
  4. Available at interest rates of prime + 0.75% , rates subject to change, please contact an advisor for details

Here's how it works:


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