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RESP Account

Should I open an RESP Account for my Child?

By: Eugene Tooms
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The quick and short answer is simply yes! This is a no brainier for the vast majority of parents. This is basically free government money; so why not take advantage of it? How exactly does an RESP account work and what is the amount that should be contributed in order to reap the max benefits of the account? An RESP stands for a “Registered Education Savings Plan” the purpose of the account is to save for your child’s University/College education. When you make contributions the government will add money to the account; in the  form of a grant. There is a variety of grants available from the government.

The max contribution for a TFSA account is $2500 dollars per year. Even if you are unable to contribute that amount, in the current calendar year; the interest earnings are not lost. Any contribution amounts that have been missed can be added to the account, when you are in a better financial. A few question you may be left asking yourself is what do I do if I have more than one child? If you have more than one child you can have a family plan and choose to split the amount with between them or give it all to the first one that goes to school. Another common concern is what happens if my child does not want to study? If your child chooses to not study and they are over 21 years old, you can have the money from the account transferred to your RRSP account. 

Summary
Should I open an RESP Account for my Child?
Article Name
Should I open an RESP Account for my Child?
Description
An RESP stands for a "Registered Education Savings Plan" the purpose of the account is to save for your child University/College education. When you make contributions the government will add money to the account.
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Locuras Viral
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