HOW an RESP WORKS and HOW to GET FREE MONEY

WE EASILY EXPLAIN HOW THE ACCOUNT WORKS AND ALL THE FREE MONEY YOU CAN APPLY FOR



Wondering what an RESP is and how they can help you save for your child's education? This video walks you through the basics of an RESP account and how to save money for post secondary.

RESPs are Registered Education Savings Plans. RESP can be opened online or through your bank and can hold many of the same investments you already purchase in a TFSA and RESP account.

Inside of an RESP account, the money goes tax deferred until you eventually withdraw it for school. When you do, it is taxed in the hand of the beneficiary (child attending school) not the subscriber (the person operating the account like a parent).

On top of that, you could also be eligible to receive CESG - Canada Education Savings Grants and the Canada Learning Bond.

Some questions this video covers:

1. What is an RESP?
2. How much can you put in an RESP each year?
3. Who is eligible for an RESP?
4. How does the RESP work?
5. How do I apply for CESG?
6. How is CESG calculated?
7. What is the maximum CESG?

Learn more about the CANADA LEARNING BOND:    • GET EDUCATION MONEY FROM THE GOVERNME...  



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