Did you know that if your clients contribute less than $208.33 per month to their RESP, they will not receive the full government grants to which they are entitled?
By suggesting the RESP loan to your clients, you’re helping them get untouched government grants, which is an advantage as the child moves closer to post-secondary (14-17 years old).
For example, if your clients only contribute $100 per month ($1,200 per year) from the time their child is born, they will lose approximately $4,000 in government grants (this amount varies based on their province of residence).
What better way to end the year than setting up a strategy for these clients to make sure all that free money being offered by the government doesn’t go to waste! And the best part is they won’t even have to change their budget!
The RESP loan – borrow today to invest in their future!
The RESP loan allows your clients to increase their RESP contributions and thus:
- Maximize the government grants to which they are entitled
- Recover unused grant room from previous years
- Earn more in returns thanks to government grants and additional contributions
- Save money tax-free
Additionally, your clients can:
- Take advantage of the RESP loan without a credit check
- Repay the loan at any time
- Benefit from a competitive interest rate. Go to ia.ca/resp-loan to learn more!
See it for yourself…
Take a look at this case study to see for yourself the effect of borrowing to contribute to an RESP, with extra grants adding up fast!
Our online RESP illustration tool (available via the Tools and applications menu) allows you to demonstrate to your client clearly and easily the added value of an RESP loan. Practise using it today before building a solution with your client!
Your educational and sales toolbox is just a click away!
- Check out ia.ca/SellRESP for videos, documents and marketing materials!
- Letter or email templates are available on the Loans page of the Product section in the Advisor Centre.
- A customized list of your RESP clients is also available in the Advisor Centre. The My clients’ RESP contracts list can be found on the Obtain your clients’ investment information
Use this list to quickly see which clients have beneficiaries who are approaching post-secondary education and who are not maximizing their government grants.
You now have everything you need to highlight your advisory role with your clients! Take this opportunity to offer your clients a product that will pay off not just for them and their children, but for you as well!
