06 Dec

Funding an RESP for Grandchildren

With the rising costs of education, many grandparents have been asking about funding a Registered Education Savings Plan (RESP) for a grandchild’s post-secondary education. While it is possible for grandparents to open an RESP for grandchildren, it is important to exercise caution, for two reasons:
1. Don’t Exceed Maximum Allowable Amount
If multiple RESPs exist for the same child, total contributions need to be carefully monitored so they don’t exceed the maximum of $50,000 per beneficiary, as penalties will apply.
2. Know […]

By Carly Broetz, BBA, Wealth Advisor

New Parents: Making RESP Contributions

I recently became a new parent at the ripe old age of 40. It has been exhausting, amazing, and overwhelming all at the same time. There are many things to consider financially for your new child, and this can feel daunting.
The first topic I will tackle in this series of blogs is the Registered Education Savings Plan (RESP).
RESP Grant BC parents should access for their child’s education
RESP’s are made up of contributions (principal) and different government grants. For example, […]

By Jake Steele, Wealth Advisor

Planning Ahead: Do You Have an RESP Withdrawal Strategy?

It’s an exciting time as we near another start to a college and/or university year. If you have opened a Registered Education Savings Plan (RESP), it may be a good time to think about withdrawal strategies.
Recall that the RESP has three components: i) original contributions; ii) grants paid by the government, such as Canada Education Savings Grants (CESGs); and iii) accumulated income payments (AIPs), income/gains on contributions and grants. Grants and AIPs may be paid to the beneficiary in […]

By Christopher Briggs, RRC®, Wealth Advisor