Not sure how to make a savings plan? Read on…
Latest News
How to invest as a teenager in Canada + MORE Aug 13th
If you’re starting to save the money you’ve received from birthdays, holidays and part-time jobs, you may be wondering how you can invest your savings. An important life lesson for any young person is the habit of saving—so, investing those savings for some teenagers can be the next step. .... More »
The best high-interest savings accounts in Canada for 2025 + MORE Feb 4th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate mo.... More »
The best high-interest savings accounts in Canada for 2025 Sep 24th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
Advertisement
Why trust us
MoneySense is an.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Dec 24th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
Advertisement
Why trust us
MoneySense is an.... More »
It’s possible to be a first-time home buyer twice—here’s how + MORE Jul 9th
Can you do something and then later do it again for the first time? You can if that “first time” involves buying a home.
There are a few supports and programs in place for first-time buyers in Canada, including the Home Buyers’ Plan and the first home savings account (FHSA). First-time home.... More »
You opened an RESP—now what?
– moneysense.ca
As many Canadian parents and grandparents know, a registered education savings plan (RESP) is a powerful savings tool. Although you can create a college or university fund for your child in other ways, such as a bank account or a tax-free savings account (TFSA), they don’t offer the same valuable government grants that an RESP does. It’s designed to encourage families to save, and the only way to get those grants is to make contributions. In addition, an RESP can hold the same types of investments as TFSAs and other registered accounts, and any investment growth in an RESP—including interest, dividends, and capital gains—is tax-deferred until it is withdrawn. (And when it is, it will be taxed in the hands of the plan’s beneficiary—your child, who will likely pay little to no tax.)
Once 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, you should contribute at least $2,500 per year, if possible…
