Not sure how to make a savings plan? Read on…
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How much credit card debt does the average Canadian have? + MORE Nov 7th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
Missing Out on the Market: New Report Finds Millennials Simply Aren’t Investing + MORE Dec 14th
In the minds of millennials, saving up for a home and paying down debt seem to take priority by far over investing.
This is according to the Missing Out: Millennials and the Market report by the Ontario Securities Commission, which surveyed more than 1500 Ontarians aged 18 to 36 about their feeling.... More »
Compare the best savings accounts in Canada for 2023 + MORE Sep 11th
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The best savings accounts in Canada for 2023
Here are the best accounts to hold your savings.
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Scan the savings account comparison table above to view interest rates offered by financial institu.... More »
Nine surefire ways to save on your grocery bill (and still eat well) + MORE Jun 19th
Surging food prices are taking a bite out of your wallet, so arm yourself with my pro tips for scoring the best savings, Lesley-Anne Scorgie writes..... More »
What’s my RRSP contribution limit for 2021? + MORE Jan 16th
If you’re like many Canadians, you’re hoping you’ve paid enough tax in 2021 and may even be looking forward to a hefty tax refund. (The deadline for filing this year is April 30, 2022, which is on a Saturday, by the way. So you actually have until May 2, 2022 to file.) You can help ensure that.... More »
How to gift an RESP to a child
– moneysense.ca
Q: Can an aunt, uncle or grandparent open an RESP or RRSP for a grandchild, niece, nephew or child as a gift?—Liz A
A: Giving the gift of investing can be much better than an ugly Christmas sweater. It’s kind of like a gift card that can be redeemed for life experiences like education or retirement instead of consumer goods.
It’s fairly common practice for a grandparent to open a Registered Education Savings Plan (RESP) for a grandchild, Liz. But there’s nothing to stop someone from doing the same for their nieces and nephews, or any child, for that matter. You should, however, coordinate your contributions with the child’s parents. At the very least, you will need to obtain the child’s social insurance number from them, which is used to track all contributions made on behalf of that child.
Lifetime RESP contributions of up to $50,000 can be made for any RESP beneficiary, even if the contributions are made to multiple RESP accounts by multiple contributors. However, only the first $2,500 of annual contributions is eligible to receive the lucrative 20% Canada Education Savings Grant (CESG) from the government…
