Registered Education Savings Plan (RESP)
Are you considering how to save for your child's post-secondary education? Many parents wonder how they will help their children get through school when the costs keep going up. There are many different ways to save and invest money for your children to use when they are ready to go to a post-secondary institution. At Insureu, we can go over your options for saving for this important life stage.
What Is An RESP?
One option available to parents is an RESP, or registered education savings plan. This type of registered savings plan allows your child to remove money from the account at their own tax rate (which is typically very low for young adults just starting out on their own) to be used for their education. The money accrues interest while it is in the account, and can be a good source of income for young adults attending school. Your child can use the money to pay for books, housing, tuition, and school supplies. This money can come in handy when your child is learning how to balance studying, attending classes, and possibly working.
If you are a parent, it is never too early to start planning for your child's future. If you want to start saving money for their education, please contact us to discuss what is available for your family. Your children are important to you, and we enjoy helping families support their children through their education. An RESP is a valuable tool in your investment portfolio. Let us show you how this account can help you.