RESP, Explained - Everything You Need To Know About The Education Savings Account For Beginners

The registered education savings plan (RESP) is a registered investment account in Canada that lets you invest money for a kid's post-secondary education. It allows you to grow tax free gains until the kid is enrolled in school, where the income earned is taxed at the kid's rate (so lower than yours!). Basically, it exists to incentivize people to put away money for education, and by the end of this video you'll know everything you need to know about the RESP.

Check out the CDIC website for more information about deposit protection and RESPs - https://www.cdic.ca/

0:00 What is an RESP?
0:45 Benefit 1: The RESP is an investment account
2:44 Benefit 2, Part 1: Canadian Education Savings Grant
5:08 Benefit 2, Part 2: Canada Learning Bond
7:32 What's the RESP contribution limit?
9:34 How to maximize the government contributions
10:57 Withdrawing money from your RESP
12:41 What if the kid never goes to school?
13:51 How CDIC protects your deposits

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