Now that I’m on the verge of being called “mama”, virtually all my attention and focus is devoted to the arrival of my little babe — and that includes her current and impending financial impact. After the costs of pregnancy, my maternity leave, and more baby gear than I knew existed let alone was necessary, one of the other major financial things I’m mulling over is saving for my child’s post-secondary education. The moment my girl has a SIN number, she’ll get her first savings account: the RESP. What is the Registered Education Savings Plan (RESP)? The Registered Education Savings Plan or RESP is yet another awesome tax-advantaged savings account available to Canadians, like the TFSA or RRSP. This account is designed to help and encourage parents to save for their child’s post-secondary education. One of the biggest advantages of the account is free government grants that match 20% of your contributions, […]
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