Everything You Need to Know About Registered Education Savings Plan (RESP)

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 What is RESP?

  • If you're unfamiliar with the abbreviation RESP, it stands for Registered Education Savings Plan. This Canadian government initiative assists Canadian children with post-secondary education.

  • RESP is the ideal program for you if you want to save for or invest in higher education for yourself or your loved ones. The great thing about RESP funds is that you may invest in them in a variety of ways. Furthermore, if you use the money for tuition, the investment proceeds will not be subjected to income tax.

  • However, there are certain things you must know before you invest in RESP, like:

  1. Transferring RESPs to a third party is only possible if the third party is a sibling.

  2. Anyone, as long as they and the beneficiary are both Canadians, can create an RESP.

  3. It makes no difference who has had access to a child's SIN so far.

  4. With the help of an RESP broker, you can start an RESP at most banks.

RESP Broker in Calgary



Who is an RESP broker?

An RESP broker in Canada refers to an individual who invests in your RESP contributions as well as RESP grant that you may qualify for, including the Canada Education Savings Grant, Canada Learning Bond, and provincial education grants like BCTESG. If you’re in Calgary specifically Harpinder Sidhu could be a perfect RESP Broker for you as he is a professional broker in the business for more than a decade and has helped thousands of investors secure their future by investing in RESP.


What are the benefits of RESP?

  1. Tax Savings

  2. Reduce the Educational Burden on Children

  3. Get a Savings Account with a Purpose

  4. Reduce Student Debt 

  5. Enable your child to concentrate on his or her studies than on saving & paying


How to Start a Registered Education Savings Plan (RESP)?

Most Canadian institutions will allow you to open an RESP. However, you should look for one that offers the assistance and resources you require. After you've made your choice, you'll need to supply your SIN as well as the beneficiary's SIN.


Summary:

The above-mentioned post considers all the doubts one must have about RESP and RESP brokers in Calgary. Plus, the article clearly mentions the benefits of investing in the same. 

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