Financial Services

Financial Services

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Deductions from Pay

Registered Education Savings Plan (RESP)

This payroll deduction plan was made possible by a partnership between Queen's and the Canadian Scholarship Trust Plan.

Participants in the Queen's RESP plan benefit from the Canadian Education Savings Grant (CESG) announced in the 1998 federal budget. The Canadian government contributes 20 cents for every dollar you save into your child's CST plan to an annual maximum of $500. This additional 20% to a child's plan applies to the first $2,500 you contribute to an RESP in any calendar year and continues annually until the year your child turns 17. In addition to your returns from the CST Plan, this 20% will also accrue compounded interest within the tax shelter.

Under this plan, Queen's also intends to form a scholarship for children of Queen's employees who attend Queen's University.

Investigate how this program can benefit your family by contacting the Canadian Scholarship Trust Plan at Queen's (1-866-795-9407 Ext. 404 or by email at resp@queensu.ca)

 

Questions?  Email us at payroll.services@queensu.ca