RESP

If you are a parent or grandparent, consider opening a Registered Education Savings Plan (RESP) to help fund your child's postsecondary education. Many families use it to save money for their children's future postsecondary education. With an early start on saving, they will have more money for higher education or vocational training. So, what exactly is a RESP in Canada? Let's find out.

To save up for a child's or grandchild's education without paying taxes on the earnings and receiving matching funds from the government, consider opening a Registered Education Savings Plan (RESP). Per the terms of a RESP in Canada, a maximum of $50,000 can be contributed throughout a child's life. Funds from a RESP can be used to cover the expense of the following, whether attended full- or part-time:

• The value of apprenticeships
• CEGEPs (general or vocational colleges in Canada)
• Technical institutes
• Colleges
• Universities

Investing and banking organizations across the board allow customers to open RESP accounts. Signing up for a registered education savings plan (RESP) is simple. All that is required are your Social Security numbers and your child's. Bring the child's Canadian birth certificate or permanent resident card as well. It would help if you did not worry about making an immediate deposit. Opening an account is a good idea, even if you can't afford to contribute right away. contact Pankaj Bhatia (647) 640-2222 .