RESP in Richmond Hill1

RESP for clients in Richmond Hill

As a parent, you would like to see your child graduate from one of the prestigious institutions in the country, however, with education costs rising, that may put a lot of stress on you, financially. Don’t worry, we’ve got your back. Contact Harpreet Puri and invest in a Registered Education Savings Plan (RESP). For further detail, get in touch, we look forward to hearing from you.

How does investing in an RESP plan secure your child’s future?

Rising education costs in the country are becoming a problem for new parents. We understand that you would want your child to have the best education money can buy, but where will funds come from? Well, investing in an RESP plans can help you in shedding the financial load by a bit.

What you can do is, open an RESP account and contribute to it on a regular. This account can be the savings for your children's education. You can make a lifetime contribution of $50,000 with no limit in annual contribution. The contributors can be parents, grandparents and legal guardians.

Another advantage of opening an RESP account is, that this account will get grants from the government of Canada as well. Any RESP account is eligible for receiving up to 40% grants depending on the contribution.
Once the beneficiary starts their post-secondary education, he or she can withdraw the amount and only the interest accumulated is taxable making the remainder of the funds entirely tax-free.

Still have questions regarding RESP accounts? Feel free to get in touch. Speak with our team members, we will be glad to resolve them.

What happens to the funds if the RESP account expires?
Well, if this is the case then generally all the contributions made ate returned to the respective contributors, and any contribution made by the Canada Education Savings Grant (CESG) it will be returned to government.

If you are thinking about the interest amount, you may be eligible to withdraw the amount if you meet the following criteria.

  • You would have to be a permanent resident of Canada
  • The account should be more than 10 years old
  • The beneficiaries should be 21 years old and should not be eligible for the Educational Assistance Payment plan (EAP)

Contact Harpreet Puri for further details. We serve clients in and around Richmond Hill.

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