Registered Education Savings Plans can be a great way to help save your child’s education. They can also be confusing without understanding the various aspects and features they offer.
- What amount of grant money is available?
- Is there maximum contributions?
- Do I need an RESP for each of my kids? What if one or all of them decide not to go to a post-secondary institute?
- What actually qualifies for a post-secondary institute?
- Do you pay taxes on withdrawals? How much can you withdraw each year?
As you can see, this great tool can become overwhelming. Here’s a cautionary story via The Star written by Kenyon Wallace. Click here to learn.
We’re happy to answer any questions you may have on opening an RESP or even about the one you already started!