RESP All You Need To Know | FREE Money + Hidden Grant + Tips / Tricks
Most parents like to save for their kids education when they are young, the most common tool would be using a Registered Education Saving Plan. However, though the concept of RESP is simple to understand, there can be lots of nuances and things to watch out for. In this video we are going to dive into what Registered Education Saving Plan is and also everything you need to know about this account including some tips and tricks!
This is not financial advice!
#canada #realestate #finance
▼ Time Stamps
[0:00] Start
[1:13] Part 1: Basic / Free Money of RESP
[1:56] CESG - Canada Education Saving Grant
[4:28] CLB - Canada Learning Bond
[5:06] Types of RESP plan
[7:07] Part 2 : Growing RESP
[8:28] Part 3: Withdrawing RESP
[8:49] EAP - Education Assistance Payment
[9:25] PSE - Post Secondary Education Withdrawal
[10:15] AIP - Accumulated Income Payment
[11:48] Part 4: Tips & Tricks
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Пікірлер: 17
Thanks Jacky for the overview. Would love to hear more details on RESP as it is an important area of investing for many Canadians yet somehow neglected by most KZreadrs of the finance industry. Perhaps they think RESP is not as sexy as FIRE or other topics on financial alchemy. One item worth mentioning is I believe if none of the children/beneficiaries decided to go to post-secondary education, the subscriber may be able to use up some of the RESP money by attending school themselves. Not really a tax-efficient way to withdraw the money but at least the subscriber may be able to learn something useful or interesting.
That is the deepest explanation of RESP I have seen. I don't know if the rules have changed, but there used to be a provision to allow withdrawals to fund a kid to open a business, if they opted not to pursue post-secondary education. Does that still exist?
@JackyKuk
2 жыл бұрын
Hm I tried looking online but don't see this provision anywhere
@bobmcl2406
2 жыл бұрын
@@JackyKuk thanks for checking Jacky. I don't see it anywhere either. This was an old memory from when I had an RESP for my now-middle aged son. Now I have started one for my grandson!
is there a tax of 20% imposed in case of early withdrawal of money from RESP ?
@JackyKuk
Ай бұрын
yes any withdrawal not for education will yield in grants being clawed back and any gains will have additional 20% tax on top