RESP

Great benefits of opening a RESP

  • Benefit from tax-free savings

Provided that the earnings that you make from investments are not withdrawn from the RESP, you will not pay any tax on them, giving you the opportunity to grow your savings quicker.

  • Take advantage of government grants

The Canada Education Savings Grant, established by the federal government, will add to your RESP every year. What’s more, families on lower incomes might also receive money via the Canada Learning Bond. Some provinces, including Alberta, Quebec and Saskatchewan, also offer grants to eligible individuals.

  • You can choose your investment options

Take full control of your finances by deciding which investments are best matched to your financial goals, appetite for risk and short / long term objectives. You can choose from a variety of options including GICs and mutual funds.

  • Others can contribute towards a RESP

A friend or family member is able to set up a RESP for your child and they can contribute towards it too to help it to grow faster.

  • Your children are liable for the tax of EAPs

Educational assistance payments can be drawn by your child if they take post-secondary education but they are liable for the tax on the payments. This can be beneficial as your child, while studying, is likely to have little or no income and therefore the tax burden is likely to be lower than if you were liable for it yourself.

  • Benefit from your RESP account for up to 36 years

There are a few rules to be aware of relating to the time periods that apply to RESPs. For example, if you are eligible for disability tax credit, your RESP account can stay open for a maximum of 40 years. And if your child wants to take a break from studying before returning to education later, they may still be able to use the money invested in the RESP. The golden rule is to check the specific rules of your scheme in relation to every eventuality.

Latest News

2019 Federal Budget

The 2019 budget is titled “Investing in the Middle Class. Here are the highlights from the 2019 Federal Budget.

2019 Tax Calculator

Calculate your combined Provincial and Federal Tax in your Province

BC Budget 2019

BC Finance Minister Carole James delivered the province's 2019 budget update on February 19, 2019. The budget anticipates a surplus of $274 million for the current year, $287 million for 2020 and $585 million in 2021. The biggest announcements are: ● BC Child Opportunity Benefit ● Interest Free Student Loans

Comparing TFSA's and RRSP's - 2019

If you are seeking ways to save in the most tax-efficient manner available, TFSAs and RRSPs can both be effective options for you to achieve your savings goals more quickly. However, each plan does have distinct differences and advantages / disadvantages. Let’s take a look at their key features

2019 Financial Calendar

Financial Calendar for 2019- All the deadlines you need to know to maximize your benefits!

Tax Planning Tips for End of 2018

Now that we are nearing year end, it’s a good time to review your finances. 2018 saw a number of major changes to tax legislation come in force and more will apply in 2019, therefore you should consider available opportunities and planning strategies prior to year-end.

The Importance of a Financial Plan

The importance of a financial plan. Working with us to create your financial plan helps you identify your long and short term life goals.Talk to us to see how we can help you.

Retirement Planning for Business Owners

Retirement planning can be a complex process for us all, but if you are the owner of a small business it may can get even more complicated, due to the various factors and circumstances that you have to take into consideration. A common mistake made by small business owners is reinvesting extra money to grow their business, at the expense of putting it aside to save for their retirement.

Paying for Education

Post-secondary education can be expensive, however having the opportunity to plan for it helps with making sure that you’re capable to meet the costs of education. In addition, when you have a plan, it’s easer to make financial decisions that align with your goals and provide peace of mind.