As we get close to the tax deadline, we all remember our fianances. And one thing I would like to tell you all is that it's never to early to plan for your child's future.
You can start by getting an RESP for your child. What is an RESP?
An RESP is a Registered Education Savings Plan that can save your investments for your children's post-secondary education in Canada. Two big benefits are that the government also contributes to the Canada Education Savings Grant and profits are regarded as tax-deferred income.
This means the investment growth is only taxed on withdrawal. And if it's by your child's tax rate, generally there will be little to no tax when they need it for their education. It's a no brainer.
So get it today at any major bank in Canada.
You can start by getting an RESP for your child. What is an RESP?
An RESP is a Registered Education Savings Plan that can save your investments for your children's post-secondary education in Canada. Two big benefits are that the government also contributes to the Canada Education Savings Grant and profits are regarded as tax-deferred income.
This means the investment growth is only taxed on withdrawal. And if it's by your child's tax rate, generally there will be little to no tax when they need it for their education. It's a no brainer.
So get it today at any major bank in Canada.