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.
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Can I have a multi-generational RESP?
– moneysense.ca
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…
— 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…
