Tax Refund as an RESP Investment

There’s almost nothing sweeter than finding out you’ll be receiving a tax refund. All that disciplined saving towards your RRSP, those charitable contributions and that meticulous filing is about to pay off in a windfall with your name on it! Well, before visions of spending sprees take over, consider the more responsible ways you could be using those ‘tax refund’ funds. You could start putting aside money towards next year’s RRSP or even put them into a savings account or use those funds to help set your child up for future success?

Coping with financial health in the middle of a crisis

The COVID-19 pandemic is impacting Canadian households, just like the rest of the world. While we’re all trying to stay healthy and safe, many of us have also been impacted financially. In this new reality, even paying for essentials such as groceries, gas and incidentals has become challenging for some. To help Canadians navigate these uncertain times the federal government has announced an $82 billion relief package to help families.

Putting aside money for your child’s Registered Education Savings Plan (RESP) may actually be easier than you may think. With a well thought out plan, putting a little money aside each month can become a part of your everyday routine. If you have grade school kids, you can even turn saving for an RESP into a family project. It’s a great opportunity to start teaching your kids about the value of money!

Start with a few grown-Up “To Dos”
Wondering where and how to start saving? Follow these simple and easy steps to get started on your saving goals.

Kids Holding Sign

A Registered Education Savings Plan (RESP) is a smart tool for education savings. Yet for many, the details about how an RESP works isn’t quite clear, and that has led to some misinformation about this easy way to save towards post-secondary education. How do you fare on your RESP intel: can you tell fact from fake? Read on and see.

You already know that there are many smart reasons to open a Registered Education Savings Plan (RESP). Good for you! While helping a child achieve their dreams is likely at the top of your list, the ability to grow tax-free income on your hard earned money in an RESP, and the opportunity to maximize government grants are likely not too far behind.

Consider this last benefit – government grants -- for a moment. All you have to do to receive grants is to continue to contribute to your RESP.

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