Justin Bieber Quotes (Author of First Step 2 Forever)
Registered Education Savings Plans and the Canada Education Saving Grant
The following information is from the Government of Canada Website. Anyone—parents, grandparents, other family members and friends—can open an RESP for a child. RESPs can be opened by one person or opened jointly by spouses or common-law partners. They can also be opened by child-care agencies. While you can open a plan for a child, you can also name yourself or another adult as the beneficiary. It is very important to choose the right type of RESP.
The amount you will receive depends on your income. Interest from investment income in an RESP is not taxed. You can open an RESP for your child or another family member who is under After high school, if your child is enrolled in an eligible college or university program, they will receive this money to cover some or all of their education costs. RESPs are offered through banks, credit unions and other financial institutions.
A Registered Education Savings Plan RESP combines flexibility, tax-deferred investment growth and direct government assistance to help you reach the education goals you have for a child. You can contribute to an RESP for up to 31 years, and the plan can remain open for a maximum of 35 years. When funds withdrawn are used for education purposes. Once a student is enrolled in a qualifying post-secondary education or training program, the funds within the RESP can be paid out to the student with proof of enrollment. Payments comprised of accumulated income, grants and bonds are called Educational Assistance Payments EAPs and the student must claim them as income on their tax return.