Everything You Need to Know About Registered Education Savings Plan (RESP)
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: Transferring RESPs to a third party is only possible if the third party is a sibling. Anyone, as long as they and the beneficiary are both Canadians, can create an RESP. It makes no difference who has had access to a child's SIN so far. With the help of an RESP broker , you can start an RESP at most banks. Who is an RESP broker? An RESP broker in Canada refers to an individual who in