This uncertainty collides with harsh financial realities across every aspect of life. Families are already juggling mortgage payments, childcare costs, and rising living expenses in an increasingly expensive…
Read more Is saving for your child’s education still worth it? The research says yes – MoneySenseAs the RESP’s subscriber (the person who opened and contributed to the account), you may have questions about how to withdraw RESP funds and what the beneficiary (the…
Read more How to withdraw RESP funds – MoneySenseRESP contributions and withdrawals Registered education savings plans (RESPs) are used to save for a child’s post-secondary education. Contributing to an RESP can give you access to government…
Read more Year-end tax and financial planning considerations – MoneySenseThe tuition tax credit Claim the tuition credit to receive a non-refundable credit worth 15% of your tuition claim on the federal portion of your taxes. Provincial tax…
Read more School tax: What can you claim as a deduction on your annual income tax? – MoneySenseThe perks of having an RESP The RESP was first introduced in 1974 as a tax-deferred savings vehicle for a child’s post-secondary education. While it’s typical for parents…
Read more RESPs 101: The RESP withdrawal rules – MoneySenseRESP contributions grow tax-deferred and are eligible for government grants and bonds. Withdrawals are partially taxable and partially tax-free. The taxable portion can be taxed to the post-secondary…
Read more When and how to transfer an RESP for grandchildren – MoneySenseWhy open an RESP? Grants and tax-deferred growth The federal government introduced the RESP nearly 50 years ago to help families save for their kids’ post-secondary education. The…
Read more Is an RESP worth it? Yes, even if only for the government grants – MoneySenseWith that in mind, here’s a key date to circle on your calendar: Dec. 31. That’s the deadline for making RESP contributions to maximize government RESP grants each…
Read more ETFs and RESPs: It’s always a good time to invest in education – MoneySenseWhat is a family RESP? Canadians can choose from two types of RESPs: individual and family. Both are registered accounts, meaning that they’re registered with the federal government,…
Read more Top 5 questions about family RESPs – MoneySenseThe best way to save for school: Open an RESP Ideally, your grandchild or grandchildren will have an RESP. Perhaps your own kids have already opened one for…
Read more Contributing to your grandchild’s RESPs: What grandparents need to know – MoneySenseOnce you’ve opened an RESP for your (grand)child or (grand)children, though, what should you do with it? How often and how much to contribute to an RESP Ideally,…
Read more You opened an RESP—now what? – MoneySenseA corporation’s investment income is generally taxable at between about 47% and about 55%, depending on the corporation’s province of residence. This includes interest, foreign dividends and rental…
Read more How is passive income taxed in Canada? – MoneySenseTo maximize your savings and help to ensure your child has the funds they need when they go off to college or university, you’ll need to deposit yearly…
Read more What is the RESP contribution deadline? – MoneySense
