An RESP Makes the Perfect Holiday Gift
The holidays are just around the corner, and for most people that means hitting the crowded malls. If you’re looking for a great gift idea for your new child, niece, nephew, or grandchild, skip the toys and gift them a Registered Education Savings Plan (RESP).
An RESP is a tax-deferred savings plan that helps you save for a child’s post-secondary education. It’s a meaningful gift that’s easy to start and easy to contribute to on birthdays, graduation, Christmas, or other significant holidays or milestones.
With an RESP you, or anyone else, can make regular contributions throughout the year; up to $2,500 annually, up to a lifetime maximum of $50,000. The money grows over time tax free, until the beneficiary starts to take it out.
When an RESP is opened, the parents can apply for two separate grant programs: The Canada Educations Savings Grant (CESG) and the Canada Learning Bond (CLB). Continue reading
Today, Global RESP Corporation (GRESP) is pleased to announce the winner of the third quarter RESP Contest: Leo Thein Maung from Chestermere, Alberta! His mother, San Ma entered him into the contest for a chance to win a Global Education Savings Plan worth up to $5,000. Ma was already a GRESP subscriber, and had an RESP for son Leo. Now that she has won the contest, she has an additional boost to her contributions that will guide her son to a successful future. The entire family had the opportunity to meet with Sam Bouji, Founder of GRESP, in Alberta earlier this month.
There are a lot of financial organizations registered to provide a Registered Education Savings Plan (RESP). But, just like the RESP itself, each provider is unique. And who you decide to go with can radically alter how much money the RESP generates over the lifetime of the plan.
An RESP is a tax-deferred savings plan that can help you save for a child’s post-secondary education. With an RESP, you can make annual contributions of up to $2,500 per year, for a lifetime maximum of $50,000.