Registered Education Saving Plan

Cosmic College

Registered Education Saving Plan

At Cosmic College, we proudly accept funds from Registered Education Savings Plans (RESP). We understand the importance of accessible education financing and welcome students utilizing RESP contributions to pursue their academic goals at our institution.”

RESP (Registered Education Savings Plan) operates similarly to RESPs in other provinces and territories across Canada. It is a tax-advantaged investment account designed to help parents and guardians save for their child’s post-secondary education.

Key features of RESPs in Ontario, include:

Tax Advantages: Contributions to RESP are not tax-deductible, but the investment income earned within the plan grows tax-free until withdrawn. When the beneficiary (the child named in the RESP) enrolls in post-secondary education, the investment income and government grants withdrawn from the RESP are taxed at the beneficiary’s lower tax rate.
Government Grants: RESPs offer access to government grants to boost savings. The Canada Education Savings Grant (CESG) matches 20% of annual contributions, up to a maximum grant per year. Additionally, low-income families may qualify for the Canada Learning Bond (CLB).
Investment Options: RESPs provide flexibility in investment choices, including mutual funds, GICs, and more. Contributions can be made up to a lifetime limit per beneficiary.
Withdrawal Flexibility: Funds from RESP can be withdrawn tax-free to cover education expenses when the beneficiary attends a qualifying post-secondary institution. Withdrawals consist of contributions, investment income, and government grants.

In Ontario, RESP is an effective tool for education savings planning.

More information can be found at the link below;

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps.html

Our Testimonials

What They Say?

Great School

Cosmic College is a great school as the staff is amazing and very welcoming. I’m glad that I chose this college to guide me in my future career as a Skin Care Specialist. The school has many amazing programs and on-site Medspa and Hair Salon too. You certainly get your money’s worth!!

Ritu Kapoor

Student

Caring Team

Robin and his team are the most loving caring individuals you can come across. This team makes you feel welcome and appreciated. There’s no judgment and they allow you to be yourself. When I started the class I didn’t know anything about Laser or this industry, but this school make sure before you graduate you know the industry well and are ready to explore more. If anyone is thinking about going to a beauty school please call Cosmic College. You’ll be so glad with the knowledge you receive. Don’t take my word for it. Go and take a tour.

Salena

Student

Great Experience

I have thoroughly enjoyed my experience at Cosmic College. I am in the spa management and skin care program and have found what I believe to be a lifelong passion, Skincare. Our instructors have been open, honest and willing to share all their industry knowledge. My fellow classmates have been a complete joy to study with. The hours are flexible and the tuition is economical.