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| Click above
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in Education Savings Plans. |
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| RESP - A
tax deferral vehicle to save for a child's education. Contributions
are not tax deductible, as they are with an RRSP, but the income
from plan grows tax free. When the child goes on to post-secondary
education the RESP provides income, which is taxable to the child,
but usually at a lower rate. If the child does not go on to to post-secondary
school, the amounts contributed to the RESP are repaid to the contributor
but not the income. The income must be used to for other beneficiaries
as scholarships or can be donated to educational institutions. The
maximum contribution is $1,500 per year and $31,500 in a lifetime
and the RESP may only be tax sheltered for 26 years.
Taken from the Fiscal
Agents Glossary |
As the
cost of education continues to increase,
the need for an effective education savings vehicle is now more important
than ever. A Registered Education Savings Plan (RESP) may be just
the tool you have been looking for.
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By
saving for a child's education, you are making an investment
in the future and RESPs work to make it easier by allowing
contributions to grow tax deferred until they are deducted.
This type of education savings plan is also useful for others
who may want to make an investment in a child's future, such
as a grandparent, aunt or uncle.
An
RESP, coupled with the federal government's Canada Education
Savings Grant (CESG), which contributes 20 per cent of contributions
made to an RESP to a maximum amount, can go a long way to
changing post-secondary education from an expensive possibility
to an affordable reality.
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| RESP
Related Links |
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Listed below are sites external
of our own which we feel can help you plan your strategy for education
saving.
 www.canlearn.ca
This web site is a one-stop reference point for those who are presently
enrolled in post-secondary education or considering it in the near
future. It contains information about the Canada Student Loans Program
and National Student Loans Service Centre as well as links to the
web sites for these programs. It also features a section that showcases
information and tools that can be used to match personal and career
goals to learning opportunities.
www.osap.gov.on.ca
This site is the domain of the Ontario Student Assistance Program
(OSAP). It provides information about the OSAP program, how it works,
money available and the responsibilities you incur when you receive
OSAP funding. This site allows you to apply for OSAP assistance online,
check the status of a current application or update the information
contained within your file. You can also research a particular institution
to find out about graduation and employment rates and you can discover
if the institution you have chosen is approved for OSAP.
| www.scholarshipscanada.com
ScholarshipsCanada is a comprehensive web site dedicated primarily
to providing information about the various scholarships available
across Canada. In addition to this, it contains an extensive
database of bursaries, student awards and grants and features
tips on how to apply for these educational benefits. Information
on effective budget planning and student loans can also be accessed.
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www.schoolfinder.com This site will definitely by of use to
those looking for information on a particular educational institution
in Canada. It features detailed information about programs, costs,
admission requirements and contact information for over 600 colleges,
universities and career colleges. It also contains information on
student loans and provides tools that can be used to discover more
about specific careers and industries.
| Featured
reading on RESPs |
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Money Management Newsletter
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Our Bookstore
section contains details related to books that we recommend
for various areas of investing. Also provided are links to ordering
information on each title from Chapters.Indigo.ca. |
Featured titles for Retirement Savings include:
| Pooled
Funds |
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Pooled
RESP - An RESP in which the investment earnings on the funds
contributed by a group of subscribers are allocated only to those
beneficiaries who pursue a post-secondary education. Also referred
to as an education trust, a scholarship trust or a group RESP.
Taken from the Fiscal
Agents Glossary
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