One of my first tasks as a new mom is setting up an account to save and invest for my daughter’s post-secondary education. When I attended university, I couldn’t afford to pay my tuition without borrowing tens of thousands of dollars of student loans. This left me deeply in debt at graduation, and paying those loans off got in the way of saving for other financial goals like travel, retirement, and home ownership. What is the RESP? The Registered Education Savings Plan or RESP is yet another awesome tax-advantaged savings vehicle available to Canadians, much like the Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). The RESP is designed to help and encourage parents to save for their child’s post-secondary education. One of the biggest advantages of the RESP is the eligibility for government grants that match up 20% of your contributions, to a maximum of $500 per […]
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