___ Information relating to COVID-19 iafg-d .logo-ia-1{fill:#003da5;}.logo-ia-2{fill:#7c878e;}.logo-ia-3{fill:#2f4995;} RESP Loans Borrowing to contribute to your registered education savings plan (RESP) allows you to take full advantage of government grant programs and thereby save more for your child’s postsecondary education. Why take out an RESP loan? You maximize your contributions to get all the grants to which you are entitled You can recover your unused grants from previous years You can increase your contributions without having to adjust your budget You benefit from a higher yield by investing additional amounts from contributions and grants received as a result of the RESP loan for your child. The advantages of our RESP loan Flexible loan repayment as it can be done at any time, though it is not payable until the moment of RESP withdrawal Competitive interest rates Loan approval without a credit check How does an RESP loan work? See how it pays to borrow in order to contribute more to your child’s RESP, and it’s easy too! Your contributions Contributions from the RESP loan Grants on your contributions Grants on the RESP loan Return RESP with no loan Contribute You start saving early in your child’s RESP and take advantage of generous government grants. Accumulate Your regular contributions and grants generate interest. Your child’s RESP grows tax free. Benefit Your contributions are returned to you to fund your child’s education. Your child receives the grants and the total interest from the RESP. With an RESP loan Contribute In addition to your contributions and the added grants, iA Financial Group pays an amount that entitles you to additional grants. Accumulate The contributions, grants and RESP loan generate returns and grow tax free. Benefit Your child receives the grants and returns in full. You get back your contributions and pay off the loan interest. iA Financial Group recovers the loan amount. RESP loan interest rate 3.20% The annual interest rate varies in accordance with the Royal Bank of Canada’s prime rate (currently at 2.45%), plus an adjustment (0.75%). The interest rates are provided for information purposes only and are subject to change at any time, without notice. Effective interest rate The effective interest rate is determined on the assumption that the annual interest rate remains unchanged and that the monthly interest has not been completely repaid at the end of each period. Currently, it is set at 3.25%. RESP loans advice Why choose an RESP loan? Already investing in your children's future by contributing to a registered education savings plan (RESP), but not taking full advantage of government grants? Discover the advantages of an RESP loan. Saving for your children’s education It’s easy to picture your children with a diploma in hand, ready to begin their career. Thanks to the registered education savings plan (RESP), you can help your children spread their wings. RESP government grants: An incentive to save Thinking about opening a registered education savings plan (RESP) for your child? Find out about government incentives that can help you invest more in their future. See more RESP loans advice Postal Code Find an advisor Contact Customer Service 1-844-442-4636 I am already a client Customer service Go to My Client Space See also RESP In the advice zone 5 tips to help you stand out at a virtual job fair 4 tips for a successful online interview The importance of life insurance for children Understanding life insurance Life insurance, why buy it? About iA Careers Contact us Find an advisor Make a claim Connect to My Client Space Advice Zone iA Newsletter Site map Unsubscribe Accessibility Privacy and security Terms of use Unclaimed property INVESTED IN YOU. © 2021 Industrial Alliance Insurance and Financial Services Inc. – iA Financial Group. All rights reserved.