You opened an RESP—now what? Nov 23rd

All about Canadian investments. Learn the ins and outs and get the latest news.
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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and any investment growth in an RESP—including interest, dividends, and capital gains—is tax-deferred until it is withdrawn.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…

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