RESP – What is it? Parents are always looking into the future for our children, and nothing says this more clearly than planning for our children’s education. But what happens when the person who opened and managed that RESP — known as the subscriber — dies? It’s the sort of question few families want to … Read more
One of the most important financial moves for a Canadian family to make is saving for the future, particularly when it comes to education or long-term care. The average financial payout of attending post-secondary education in 2024 was $7,400 one year according to Statistics Canada. For families who support a person with disabilities, long-term financial … Read more
Millions of Canadians get tax refunds every year. And yet most of it vanishes into short-term consumption — new gadgets, home renovations, perhaps a vacation. But what if that refund could fatten your child’s future, rather than merely deflating your wish list? The average federal tax refund in 2024 was $2,093, according to Statistics Canada. … Read more
When it comes to saving for post-secondary education, Canada’s RESP system is still a potent tool. In 2024, Canadians withdrew approximately CAD 6.7 billion from RESPs and benefited over 583,000.RESP payouts reached in and out from s.brij@gmail.com+1 Maybe — but this was not my understanding, especially for a TFSA, etc. It’s another reminder of just … Read more