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It's no surprise the tuition fee in Canadian colleges is very high. On average, parents have to spend around $7000 every year on their kids' education. Indeed, other educational expenses further increase the burden on the shoulders of the parents. In such a scenario, registered education saving plans are very beneficial for the parents and families to meet financial requirements for a child's education. The RESP investment advisor in Toronto provides tax-free RESP plans that help you to save money for your child's education. Here are a few more reasons explained by RESP investment agents in Toronto why you should invest in registered education saving plans. 1. Tax-Free Registered Education Savings The foremost reason you should invest in the RESP education saving plan is you don't need to pay taxes on the money you save in your account. This means if you are going to open an RESP account through an RESP investment agent in Toronto when your child is born, the mone...

  What Is An RESP? Canada sits amongst the top five on the World Bank’s list of countries with the uppermost percentage of people who completed post-secondary education. That’s no small feat. Instead, we’re fortunate to have a number of government programs as well as initiatives that make post-secondary education more reachable. One of the most prevalent—but perhaps, least understood—options out there is the RESP. What Are The Benefits Of An RESP? An RESP, or Registered Education Savings Plan, is a savings account that makes it easier for Canadian parents as well as guardians (called “subscribers”) to save for a child’s post-secondary education. There are two chief features of an RESP that makes them superior to a standard savings account: First, RESPs make it probable for you to earn tax-free income from savings or investments held within the account. Second, an RESP allows you to earn government grants to aid you meet your savings objectives. How Does An RESP Work?  Any...

 RESP or Registered Education Savings Plan by   Insuredcan  is a tax-advantaged savings account for a child’s future post-secondary learning, moderately funded by the Canadian government. Anyone can open and contribute to an RESP (parents, grandparents, an aunt, parent’s friend, or an unfamiliar person). The savings for a child’s education cultivates tax-free in an RESP. The federal government also contributes to this account over the Canada Education Savings Grant (CESG). There are three significant entities involved in an RESP: Subscriber : The subscriber is the one who opens up an RESP as well as contributes to it. Beneficiary:  The beneficiary is the child who receives the contributions for the education strategy as well as education-related expenses. Family plans can have multiple beneficiaries. Promoter:  A promoter is an organization that offers RESPs, such as a bank, credit union, or group scholarship earner. Types of RESPs Individual or non-family RESP ...