Choosing the Best Type of RESP Global RESP Corporation 2016-11-11 05:48:31 Blog

Choosing the Best Type of RESP

Types of RESPAre Individual RESPs Your Best Options?

A Registered Education Savings Plan (RESP) is the best way to help save for a child’s post-secondary education. Through an RESP you can contribute $2,500 annually, up to a maximum of $50,000. On top of that, the Canadian government will match 20% of any RESP contributions until the recipient turns 17 years old. The lifetime maximum of the CESG is $7,200. Best of all, anyone can open an RESP for a child—parents, grandparents, other family members, and friends.
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Why Education Saving Should Be a Top Priority

Hand writing Time to Save on BlackboardEven on good days, parents can struggle with the financial pressures of parenthood. From diapers to daycare to additional financial obligations like bills, it can be difficult to think about saving for a child’s post-secondary education.

But it’s important for parents to save for their child’s academic career after high school. Saving for their university or college degree in advance means the child may not need to work during the school year and can concentrate all their efforts on studying. Starting an education savings plan also means they will not be saddled with debt, or as much debt, when they graduate.

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