Canada’s home insurance under pressure as extreme weather costs rise Feb 19th
What’s my RRSP contribution limit? Dec 12th
Ovintiv to buy oil-rich assets in Canada's Montney shale for $2.38 billion - Reuters + MORE Nov 14th
AMD Stock Surges As Chipmaker Latest To Get OpenAI Deal - Investor's Business Daily + MORE Oct 7th
The best GIC rates in Canada for 2025 Jan 20th
When and how to transfer an RESP for grandchildren
– moneysense.ca
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…
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…
