Your child’s future is important, and you know that education is part of that. Preparing financially for your child’s education after high school can require some planning and the right tools. A Registered Education Savings Plan is a special type of account that can help. Read on to learn more about opening an RESP and why it may be the right choice for your family.
When you open an RESP account with a provider, known as the promoter, you will name one or more beneficiaries under the plan. Following this, you make regular contributions to the plan. Additionally, the government will pay applicable grants into account such as the Canada Education Savings Grant.
The promoter pays interest on the account to the beneficiaries in the form of educational assistance payments. The beneficiaries can take out money to help pay for post-secondary education.
This type of account offers some helpful tax and other benefits. These are a few of the reasons you may want to open an RESP:
Find out more about RESPs and how you can plan for your child’s future. Contact Covenant Wealth Financial to learn about our services that can help you reach your financial goals.
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