RESP 101 | A HUGE RED FLAG That Could Cost You $$$ if You Don't Know...

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#RegisteredEducationsavingsPlan #groupresp #resp101
Which RESP Should You Go For? | RESP 101 | Individual vs Group RESP

''Which Registered Education Savings Plan you gonna setup? Do you prefer Individual or Group RESP?''
99% of Canadians do not know how to answer that question.

Most of them thought they can just go into a bank and have it setup.

In today’s video, you will learn the different types of Registered Education Savings Plan or RESP for short.

So you can make a sound financial decision and one thing less to worry in your life

One of the best ways to prepare for your kids’ education is through the RESP program.
Having that extra 20% bonus from the government will help your life much less stressful
Once you decided how much you want to contribute to the plan, then the next step is to choose which type of resp you want to set up.

There are 3 types of resp that you can consider.

There are individual RESP plans, family RESP plans, and group RESP plans.

They are all common in Canada and all qualify for the 20% Canada education savings grant (CESG) matching and the Canada Learning Bond (CLB)

One thing to note that a lot of people have controversy about the Group RESP or scholarship plan because of its sales charge. What is the sales charge in the group RESP? make sure you go over this video!

Enjoy!

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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.

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