Our Credit Union Bulletin - October 2016 - St. Stanislaus

WWW.POLCU.CA • Toll Free: 1.855.POLCU.CA
october 2016
RESP
Registered Education Savings Plan
A Registered Education Savings Plan (RESP) is a savings plan for post-secondary education. A Subscriber and/or
joint Subscriber (must be the spouse or common law partner
of the Subscriber) make deposits into the RESP on behalf of
a Beneficiary for the use by the Beneficiary for post-secondary education.
* Terms and conditions may
apply. Ask for details.
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•You can lock in your mortgage rate for 90 days! Rate locks allow
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The contributions made to an RESP by the Subscriber belong to the Subscriber. Federal and provincial government
grants, CLB, income earned on contributions and income
earned on government benefits become available for the
Beneficiary as an Educational Assistance Payment (EAP)
when the Beneficiary attends post-secondary education.
While contributions are not tax deductible to the Subscriber
like an RRSP, the savings accumulate tax-free in the RESP
until the Beneficiary is ready to attend post-secondary education.
(Continued on other side)
SCHOLARSHIP
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przyjedzie na spotkanie (także do domu)! W celu umówienia spotkania
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PROGRAM 2016
for our Credit Union Student Account Holders
Students interested in applying for the 2016 Polish Credit Union Scholarship can find application
forms on website www.polcu.ca listed under the
‘Scholarships’ and ‘Member News’ section.
To qualify for the Scholarship, you must be a member (primary account holder) of St. Stanislaus - St.
Casimir’s Polish Parishes Credit Union Limited and
be enrolled in post-secondary studies at an accredited university or college.
Toll Free 1.855.POLCU.CA • 1.855.765.2822 • WWW.POLCU.CA
Registered Education Savings Plan
Continued from page one
Types of RESPs
C-Y-S ACCOUNTS
CHILDREN - YOUTH - STUDENTS
KONTA DLA DZIECI, MŁODZIEŻY I STUDENTÓW
There are two main types of RESPs:
Family Plans and Single Plans.
FAMILY PLANS
A Family Plan can have multiple Beneficiaries. All Beneficiaries must be related
to the Subscriber by blood or adoption.
This means the Beneficiaries must be
the children, grandchildren, brother or
sister of the Subscriber.
SINGLE PLANS
A Single Plan can only have one Beneficiary. Anyone can open a Single Plan
for any Beneficiary. The Subscriber can
even name themself as the Beneficiary
provided they have attained the age
of 18. The Beneficiary can be any age
when the Single Plan is opened.
How Much Can be
Contributed to an RESP
The lifetime limit for contributions is
$50,000 per Beneficiary.
What is the CESG
• Basic CESG
Basic Canada Education Savings
Grant (CESG) is a grant paid by the federal government directly into an RESP.
All children under the age of 18 and a
resident of Canada began accumulating
CESG room of $500 per year since 2007
(20% of the first $2,500 in contributions
per year) and $400 per year from 1998
to 2006 (20% of the first $2,000 in contributions per year) whether they were a
Beneficiary of an RESP or not. This is
not per RESP, but per Beneficiary. The
maximum lifetime CESG paid to a Beneficiary for all RESP’s is $7,200.
•
Additional CESG
In 2005, Additional CESG provided additional grant on the first $500 contribution each year. In order for Beneficiaries
to receive the Additional CESG, the Primary Caregiver (PCG) must have made
a formal application to CRA for the Canada Child Tax Benefit (CCTB) and file
an income tax return each year. The
amount of Additional CESG a Beneficiary will receive is dependent on the net
family income of the PCG and on when
St. Stanislaus - St. Casimir’s Polish Parishes Credit Union Limited
Mississauga Wisła Plaza, 3621 Dixie Rd.
Mississauga 3145 Dundas St. West, Unit 5
Mississauga JPII Centre, 4300 Cawthra Rd.
Toronto 220 Roncesvalles Ave.
Toronto 2987 Bloor St. West
Toronto 3055 Lake Shore Blvd. West
Toronto 12 Denison Ave.
Oshawa 50 Richmond St. East
Hamilton 709 Barton St. East
Tel. 905. 629.0365
905. 828.7333
905. 272.1260
416. 537.2181
416. 236.3248
416. 503.9463
416. 703.0996
905. 432.2200
905. 545.5537
Toll Free:
the PCG becomes eligible to receive the
CCTB (the income level brackets are
modified each year).
Income levels
Year 2016:
•
The Additional CESG rate is 20%
when net family income is $45,282
or less
•
The Additional CESG rate is 10%
when net family income is $45,282
- $90,563
All deposits would be eligible for the
20% basic CESG.
Canada Learning Bond
The CLB will be paid into RESPs opened
for National Child Benefit Supplement
(NCBS) eligible children born on or after
January 1, 2004. The Primary Caregiver
must give consent to deposit the CLB
into the RESP even if they are not the
Subscriber of the RESP. The CLB entitles eligible children to $500 for the
first year and $100 for each eligible
following year, up to the calendar
year that the child turns 15.
CLBs are allocated to a specific child;
unlike CESGs, they cannot be shared
with other Beneficiaries. There is no requirement to make contributions in order
to qualify for the CLB.
Beneficiaries themselves will be able to
open an RESP in the three years between ages 18 and 21 and apply and
receive up to $2,000 of CLB if they had
qualified for the NCBS and a plan was
never opened on their behalf.
For more information, contact our
Investment Department
Tel. 1-855-765-2822 ext. 8
Osoby zainteresowane założeniem
planu edukacyjnego RESP zapraszamy
do skontaktowania się z Działem
Inwestycji. Otrzymają Państwo
dokładne informacje o rodzajach
planów i przysługujących dopłatach
rządowych. Informujemy, że w naszej
Credit Union NIE pobieramy żadnych
opłat za otwarcie i administrowanie
planem RESP. Telefon do Działu
Inwestycji: 1-855-765-2822 ext. 8
1-855-POLCU-CA • www.polcu.ca
Monday - Friday: 9 am - 9 pm
Saturday 9 am - 1 pm
Mon: 9 am-6 pm • Tues-Wed: 9 am-5 pm • Thurs-Fri: 9 am-7 pm • Sat: 9 am-1 pm
Monday - Friday: 12 pm-6 pm • Saturday - Closed
Mon-Wed: 10 am-4 pm • Thurs-Fri: 9 am-7 pm • Saturday 9 am-1 pm
Wednesday: 10 am-5 pm
Mon: 10 am-4 pm • Tues-Wed: 2 pm-6 pm • Thurs-Fri: 2 pm-7 pm • Sat: 9 am-1 pm
Mon-Thurs: 11 am-5 pm • Friday: 11 am-6 pm • Saturday: 9 am-1 pm
Tel. 416.537.2181 • Toll Free 1.855.765.2822 • www.polcu.ca