Question. Hi, my partner and I currently have RESPs opened for our two children, and we contribute $200 per month for each child. Although my kids are still in elementary school and have quite some time before college or university, I always get nervous when I think about the costs (and especially when they go back to school after the […]
Question: My wife and I have a child, and have an RESP – Registered Education Savings Plan – individual plan for her education savings. We’ve been doing a good job of contributing to the RESP since our daughter was born so there’s a fairly significant balance in there now. My concern is that our daughter, who is currently 15, is […]
It may be the middle of summer break, but there’s never been a better time to learn about saving for post-secondary education, including government grants and RESP rules. ModernAdvisor hosted a webinar on July 21 featuring two of Canada’s favourite financial professionals, Sandi Martin of Spring Personal Finance and Julia Chung of JYC Financial. The webinar covered RESP rules as well as […]
RESPs: Benefits of Both Individual and Family Plans In either type of RESP, you can apply for the Canada Education Savings Grant (CESG), the additional CESG if applicable, and other government grants. All of the other rules around contribution limits and the government grants are the same. Contrary to popular belief, you can transfer funds between individual plans, just like […]
The vast majority of parents want their children to get a post-secondary education but recent numbers suggest they’re not backing it up with financial support. In a survey conducted by the Globe and Mail last year, more than 1,500 Millennials aged 15-33 were asked if their parents used money saved in an RESP to help pay for their college or university […]
