The RESP: Would You Turn Down “Free Money?”
There are many reasons to consider a Registered Education Savings Plan (RESP) to save for a child’s future education: tax-deferred growth within the plan, earnings taxed at the child’s tax rate when eventually withdrawn and, of course, the Canada Education Savings Grant (CESG). The CESG consists of funds paid into the plan by the federal […]
For High-Net-Worth Investors: Life Insurance for Education Planning
For high-net-worth (HNW) investors, life insurance may provide benefits beyond protection, including helping to support the education costs of a child or grandchild. With the ever-growing cost of post-secondary education, many HNW investors are looking for different ways to help support the next generation. For those who have fully contributed to registered accounts (RESPs, TFSAs, […]
Financial Literacy and Children: Keep it Relatable At Every Age
How can we raise financially confident children and grandchildren in an increasingly complex world filled with distractions? Many of our clients, for example, are concerned that the next generation won’t possess the financial literacy needed to inherit family wealth. The good news is that while introducing healthy money habits to young children is ideal, […]
Maximizing Your RESP: Withdraw Wisely
A Registered Education Savings Plan (RESP) is a Canadian registered investment account that promotes saving to support a beneficiary’s post-secondary education. Anyone — parents, family and friends — can open a RESP as a “subscriber” for the benefit of a child. Invested contributions grow tax free.