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- Total education costs projections assume a 2% increase in tuition and other annual costs for a four year post-secondary education program.
- No funds will be withdrawn until the child reaches the age they are estimated to start their post-secondary education.
- The current RESP savings are immediate and then incremental contributions are at the start of the "next" recurring period. (Example: customer has $1000 in RESP savings today and sets up a monthly recurring payment. The first recurring contribution does not occur in the account until the following month.)
- The growth shown is pre-tax within the RESP savings calculations. Withdrawals from the grants and growth portion of an RESP may be taxed at the beneficiary's income level.
- The growth projection is an approximation based on the inputs provided by the customer. Other registered plans and non-registered savings are not considered.
- All rates of return (chosen by the customer) are reflected as a full year of return in the chart.
Interest rate: Default 5.00%, range 0.00% - 15.00%
Timeline: Default is 18 years. Range is from 1 – 31 years
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