What is a RESP?
The Registered Education Savings Plan (RESP) allows savings for education to grow tax free in a special savings plan registered by the Government of Canada until a child named in the RESP enrols in a post-secondary education program.” – Human Resources and Social Development Canada (HRSDC). What’s more, the government also contributes to the plan each year to a maximum amount. Anyone can contribute to an RESP on behalf of a child but only the parents’ of the child can receive the tax deductions.
A specialist at Weblife Financial can show you the difference between a Manulife or an Industrial Alliance RESP for your niece, nephew, child or grand child. Ask for more details. Contact us.