Registered Education Savings Plan (RESP)

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Are you taking advantage of the Registered Education Savings Plan (RESP)

The RESP is the Registered Education Savings Plan. This is a savings account for your child’s education that is registered with the Canadian Government. There’s free money available for your child’s education that you may not be taking advantage of.

The RESP is a great way to start saving for your child’s future. We all know that the price for secondary education continues to rise and the need to start saving now is all the more important. If you are unaware, there is free money from the government waiting for you via the Canada Learning Bond. Note that if your child was born on or after January 1, 2004, and you also are eligible for the National Child Benefit Supplement, you might be able get up to $2,000 for your child.

What is the Canada Learning Bond?

The Canada Learning Bond is a contribution that’s compensated right into an eligible RESP. This is available even if you do not contribute any funds into the account yourself.

First the CEST Canada Education Savings Grant is money the Canadian Government will add to your child’s RESP.

First the basic Canada education savings grant will give up to twenty percent on each dollar for the first $2500 each year that is saved into the RESP. Also dependent on your net family income, you may be able to receive 10% or 20% more on each dollar for the first $500 each year.

Deposits can be made into the RESP until 31 years after it was first opened.

So what happens to the money if it is not used, or the RESP expires or closes?

The money from the CESP or the Canada Learning Bond will be returned to the Canadian Government, and all other money will be then returned to the individuals that originally deposited the money.

Note that an RESP account can stay open for up to 36 years. So if your child does not choose to seek further education right after high school, there will still be a time period  where the money will still be available, and hopefully they will take advantage of it.

There’s no contribution limit per year and the Canadian government will add a grant of up to a max amount of $7,200. The lifetime contribution limit is $50,000.

While they are not the most user friendly for making changes on a regular basis such as with a traditional savings account, they should be taken advantage. There are many different plans available where you can at least start to save for your child’s further education.

Registered Education Savings Plan (RESP) and Bankruptcy Notice

PLEASE NOTE:  These assets are NOT protected if you file a bankruptcy.  They are property of your bankruptcy estate and are subject to seizure by the Trustee upon filing an assignment in bankruptcy.  The Trustee will explain your options.

Additional Research Information for RESP and CESP

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