Invest in your child's future.

Funding your child's education is in reach. The earlier you start, the more they'll receive from annual grants and growth on the investment.

Education Planning

RESPs

First Credit Union offers RESPs (Registered Education Savings Plans) to help parents save for their children’s education.

While they are not tax-deductible, investing money in RESP accounts offers some tax benefits. The biggest incentive to buy RESPs is the CESG (Canada Education Savings Grant). RESP investors receive*:

A grant of 20% on the first $2,500 of an annual investment
An extra $500 a year towards the child's education
A possible lifetime difference of up to $7,200

More advantages to opening an RESP

There’s $1200 for your child’s education. Apply for the B.C. Training and Education Savings Grant (BCTESG) once your child turns six and before they turn nine.

There’s an additional $2000 for an eligible child of a lower-income family when they apply for a CLB (Canada Learning Bond). No personal contributions to an RESP are required to receive the CLB.

*Terms and conditions of government programs are subject to change at any time by the federal or applicable provincial government.

Investment options to help your RESP grow

Term deposits

These guarantee a set return on your money over a fixed period of time. At First Credit Union, depositors are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia. Competitive rates and a variety of term lengths are available to suit your savings goals.

Mutual Funds

Mutual funds help diversify risk and frequently generate higher returns than most deposit accounts or other savings vehicles. We offer a wide variety of solutions designed to suit different investment objectives. A mutual fund representative will be happy to help you select the ones that match your investment goals. Mutual funds are offered through Aviso Wealth.

Help during the school years

Enjoy worry-free banking with one of our student accounts. For students heading off to school, we make banking easy with the latest electronic tools to help you manage your finances from near or far.

Explore Student Accounts

Ready to explore a financial plan tailored for you?

Book an in-person or phone appointment with a local financial advisor today.

Book Now

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated.

First Credit Union operates on the traditional territories of the Coast Salish Peoples, specifically the K’òmoks, Klahoose, Tla’amin and Squamish Nations