Investing Future Savings for your Kids – Rupinder Rai
Every parent wants to make sure their child gets the best education possible. This means enrolling them in the best universities in the country. Unfortunately, in recent times, the education costs in Canada have significantly increased. With the help of a Registered Education Savings Plan (RESP), you can ensure they get the best higher education without having to stress about the finances. To find out more details about RESPs, please do not hesitate to contact Rupinder Rai today.
Save for your child’s pre-secondary education
You can save for your children’s higher education by opening a Registered Education Savings Plan (RESP). The overall contribution limit to the plan you can make in your lifetime is $50,000, and you can contribute up to $2,500 annually. The best part of it all is Canada’s government pitches in up to 20% of your contributions. Start making contributions for your child, who is six years old, by the time they reach college. You will easily cover their education costs, including other education-related expenses, such as residence, supplies, etc.
Additionally, you can ask your relatives to contribute to your child’s RESP account. So, what are you waiting for? Call Rupinder Rai today to find out more information on a Registered Education Savings Plan.
Advantages of a Registered Education Savings Plan:
- Grants from the government
The government will give 20% to your overall contribution as a grant towards your Registered Education Savings Plan account.
- Tax-free benefit
All contributions that are made towards the Registered Education Savings Plan (RESP) account are tax-free; you do not need to file them.
- Anyone can contribute to your RESP
Anyone can contribute towards your Registered Education Savings Plan (RESP), including your parents, grandparents, guardian and relatives.
What are the benefits of an RESP?
Below-mentioned is some of the benefits of investing in a Registered Education Savings Plan (RESP):
- The plan is eligible for incentives and government grants.
- You have the flexibility to decide how much you wish to withdraw and when.
- Income generated by investments in an RESP is completely tax-free.
- Education funds are available anytime for your children.
- Removes the financial stress knowing this plan covers the funds of your child’s post-secondary education.
To schedule an appointment or to get your queries addressed, please do not hesitate to give Rupinder Rai a call today at 416-561-1800 if you want to invest in your child’s future through RESPs. Also, if you were wondering what happens to your RESP after the account has expired, don’t worry; all the contributions made will be returned back to the account holder. I offer my services to clients all over Brampton.