Registered Education Savings Plan Explained for Beginners (with 20% Return Guaranteed) | RESP 101

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#RESP #RegisteredEducationSavingPlan #RESPcanada

Do you have any idea what is going to cost you to pay for your kids' college / University?
How much does post-secondary education cost nowadays?
or should I take student loans or resp?

In today's video,
you will learn how the Registered Education Savings Plan works
Why is it important to utilize the RESP compare to other investment plans?
and how do you get the 20% rate of return guarantees risk-free in the RESP?

RESP 101
One of the best ways to save for your kids’ future education is through the RESP program.
Register education savings plan short for RESP started in 1972 and
modified in 1998 to include a grant from the government (CESG + CLB),
designed to help you save for a child’s post-secondary education.
like TFSA or RRSP, RESP not only can grow with a tax advantage,
but the government also gives free money.

For every dollar that you put into resp,
the government will give you a 20% bonus (Canada Education Savings Grant aka CESG) up to $500 per year and a maximum of $7,200 lifetime.
if the entire family income is less than or equal to $47,630,
then the government will give an extra $2000 to the RESP. (Canada Learning Bond aka CLB)

Is RESP a good investment?
Definitely, every $ you put, you get 20% free money!

should I take student loans or resp?
RESP first, student loan after

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Thomas is a 10-year veteran advisor in the insurance and investment industry.
He understands the life stages and challenges that people are going through.
Therefore, the purpose of this channel is to bring awareness to the importance of financial education.
No matter what age group you are in,
knowledge has the potential to unlock wealth.

Better Mindset | Better Life!

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Mail｜thomaschan@novellawealth.com