Registered Education Savings Plan

child education

Illustration of Registered Education Savings Plan (RESP)

When your children are minor, it might appear post-secondary education is a long way in the future. However, college and university are more important than ever, if we want our children to have more choices in their life, you better start planning ahead. One common struggle many Canadian parents are facing is that the cost of…

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Parents discuss the needs of child’s education savings (RESP)

Two parents are discussing the needs of saving for their child’s education. This is a short clip with under 2 minutes long. Hope you enjoy it!

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caution

Beware when choosing your child’s RESP

I remember a few months ago I was contacted by a couples. They have already setup a group RESP for their eldest son through another company. However,  they are dissatisfied with the investment results, and wish I could provide some advises regarding this plan. During the meeting, I went over their contract details, and found out the following: 1) No…

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Individual RESP vs Group RESP

I recently read an article that talks about individual RESP and group RESP. Some plans would have: Hefty penalty fees when you cannot make the contributions No control over the investments Inflexible alternative options in the case your child does not get into post secondary school   Before you open up a RESP account, it is…

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Canada Education Savings Grant (CESG)

The Canada Education Savings Grant (CESG) from the Government of Canada will assist you to save for your child’s post secondary school. Your child can use the savings for full-time or part-time studies in a college, university, apprenticeship program, CEGEP, or trade school. This grant is based on contributions made to the RESP account and is comprised of two components: The Basic CESG…

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Canada Learning Bond

Beside the Canada Education Saving Grant (CESG), the Canada Learning Bond is also one of the great assistances parents could get from the government. Even without any contribution to the Registered Education Saving Plan (RESP), you could get up to $2,000 from this program. Below is a short clip that talks about the Canada Learning…

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