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The Importance of RESP’s - Registered education savings plan

Know about how a registered education savings plan is important for your child's education future in Canada. <br><br>https://milifeinsurance.ca

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The Importance of RESP’s - Registered education savings plan

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  1. THE IMPORTANCE OF RESP’S Registered Education Savings Plan GET REWARDED FOR SAVING The Canadian government wants you to use an RESP for saving. To encourage it, they contribute to your child’s RESP as well. TAX-FREE SAVINGS Like TFSAs, Registered Education Savings Plans are tax-free accounts. That means your money in that fund grows over time without being taxed. “WHAT IF MY CHILD ISN’T READY FOR SCHOOL?” There’s no timeline or deadline for your Registered Education Savings Plan. Whether your child is 18 or 44, it’s there for their education. TEACHING YOUR CHILD ABOUT MONEY Many families use the RESP as a teaching tool for their children. You can reward your child’s good behaviour and completed chores by contributing more to their RESP. https://milifeinsurance.ca/ You can also use it as a responsibility lesson. When they become teenagers and get part-time jobs, don’t ask them for rent. Make it a rule that they must contribute to their RESP.

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