When and how to transfer an RESP for grandchildren + MORE Jul 15th

How to go about securing the best return for your investment in Canada.

Latest News

How bad access to credit keeps newcomers from getting ahead Aug 30th

When newcomers arrive in Canada, many bring financial responsibility, professional experience, and aspirations for a better future. But despite these strengths, one key element often stands in their way: access to credit. According to a 2025 TD survey, 92% of newcomers understood the importance o.... More »

Reducing capital gains on a cottage Jul 31st

Got questions about capital gains tax and cottages? Here are three MoneySense reader questions answered by Certified Financial Planner Jason Heath. Capital gains and cottages questions How naming beneficiaries can affect taxes and probate Using renovations to lower capital gains tax Reduc.... More »

NSJ Gold Corp. (NSJ) (9PZ) Issues Stock Options - Junior Mining Network May 4th

NSJ Gold Corp. (NSJ) (9PZ) Issues Stock Options Junior Mining Network.... More »

Beyond bullion: Smarter ways for Canadians to invest in gold Oct 20th

Gold prices are flying. As of October 17, the spot price of gold is trading at $5,928 per ounce in Canadian dollars, or roughly $4,227 in U.S. dollars. The surge comes on the back of what Wall Street has dubbed “the debasement trade.” In simple terms, this refers to investors reacting to long-t.... More »

ETF strategies to help Canadian investors combat a weak loonie + MORE Jan 29th

While recent moves from the Bank of Canada and the U.S. Federal Reserve primarily influence borrowing costs, they’ve also contributed to a sharp divergence in currency exchange rates. Specifically, the Canadian dollar has depreciated significantly against the U.S. dollar. When interest rates .... More »

When and how to transfer an RESP for grandchildren

– moneysense.ca

Ask MoneySense
I’m the grandfather to two young boys. They are eight and six years old. I opened a joint RESP for both of them after the youngest was born. I will turn 75 years young this year and am in good health. However, I have recognized that one’s health is a fickle thing. The question that I’m debating is whether to transfer the account over to my son sooner rather than later.

—Bill

Opening an RESP for grandchildren

A registered education savings plan (RESP) is a terrific way to save for post-secondary education. Parents can open these accounts for their children, and grandparents can also open them for their grandchildren. In fact, anyone can open an RESP for a child, including other relatives or even family friends.

RESP 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 student, who may pay little to no tax on the income…

Continue Reading On moneysense.ca »

The best GIC rates in Canada for 2024

– moneysense.ca

Investing

The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.

Compare highest rates

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

function request_ad(e,t){t(e)}!function(e,t,n,o,i,u){e._Rumble=o,e[o]||(e[o]=function(){(e[o]._=e[o]._||[]).push(arguments),1==e[o]._.length&&(i=t.createElement(n),u=t.getElementsByTagName(n)[0],i.async=1,i.src=”https://rumble.com/embedJS/ulkdw1″+(arguments[1].video?”.”+arguments[1].video:””)+”/?url=”+encodeURIComponent(location…

Continue Reading On moneysense.ca »

Stay tuned for more Investment wisdom brought to you by banks.ca!

Share