Manzil RESP - Registered Education Savings Plan

Halal Investing in British Columbia

Manzil's RESP captures federal education money while keeping the investments halal: the Canada Education Savings Grant matches 20% of the first $2,500 contributed each year - up to $500 annually and $7,200 lifetime per child - with catch-up rules allowing a $1,000 grant on a $5,000 contribution. The lifetime contribution limit is $50,000 per beneficiary with no annual cap, the plan stays open 35 years to accommodate different educational paths, and contributions return tax-free if the child skips post-secondary education. Corex Financial manages the AAOIFI-screened portfolio under Manzil's named Shariah Supervisory Board, with CIRO-member custody and CIPF coverage.

Manzil's RESP solves a real dilemma for observant families: the federal government pays a 20% match on education savings, but most RESP providers funnel contributions into bond-heavy conventional funds. Here the CESG money - up to $500 a year and $7,200 lifetime per child - compounds tax-deferred inside AAOIFI-screened portfolios managed by Corex Financial, certified by a named three-scholar Shariah board. The wrapper rules are standard: $50,000 lifetime limit per beneficiary, 35-year plan life, contributions returned tax-free if the child chooses a different path. The account is purpose-built for education, so it isn't the right vehicle for general savings, and Canadian fees are unpublished. Best for parents and grandparents who want a child's education fund managed to AAOIFI standards from day one.