Can I have a multi-generational RESP? Mar 26th

The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
Latest News
 TSE

Are you revenge spending? Don’t make matters worse Aug 2nd

Post-pandemic revenge spending could make your financial health worse. Instead of buying things you don’t really need, taking control of your finances will be an even sweeter revenge, Lesley-Anne Scorgie writes..... More »
 TSE

Have your financial plans changed because of the pandemic? A mid-year check-in will get you back on track Jul 6th

Reviewing your will, and your life, disability and critical illness insurance should be part of your review..... More »

Tesla drops another 6% in premarket, bringing two-day losses to 14% - CNBC Feb 23rd

Tesla drops another 6% in premarket, bringing two-day losses to 14%  CNBCElon Musk loses US$15 billion in a day after bitcoin warning  BNNWhy The Tesla Stock Is Falling  Torque NewsElon Musk is the Bitcoin-buying hypocrite we deserve  Nikkei AsiaElon Musk's br.... More »
investment

What’s Russell Peters doing now? Investing, and it’s a laugh + MORE Jul 15th

Money is no joke—or is it? For Brampton, Ont., native and celebrated comedian Russell Peters, money is as funny as it is serious because, well, everything is funny through his perspective (iykyk). He’s very into real estate (the stand-up comic loves collecting houses) and has recently bought two.... More »

Making sense of the markets this week, October 31, 2021 Oct 30th

Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.  Scotiabank says 8 rate hikes are on the way  Scotiabank’s Derek Holt shared that we could see eight rate hikes in Canada over the next two years. That is ag.... More »
Q: I have an existing RESP for my children, but they may not use all the money. Can I add grandchildren (once born) to the same RESP and keep this going in terms of growth and returns?
— Frank
A:  A Registered Education Savings Plan (RESP) is a great way to save for a child or grandchild’s post-secondary education. Eligible studies include college and university, as well as trade schools and similar post-secondary programs.
There are potential federal and provincial government grants and bonds when contributing to a RESP, the most common of which is the Canada Education Savings Grant (CESG). A RESP beneficiary can receive a 20 per cent grant on up to $2,500 per year of contributions ($5,000 if catching up on a previous year of missed grants). These grants get deposited to a RESP account by the government after a contribution is made.
Ask a Planner: Leave your question for Jason Heath »
A total of $7,200 in lifetime CESG grants can be earned by a beneficiary, and a total of $50,000 in contributions can be made…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!