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RESPs: The Ins and Outs

Back to school season is well underway and now that everyone has had time to recover and settle in, perhaps at the forefront of your mind is the notion; what will I do when my child goes to college or university?

RESP’s have been prevalent since 1998 but have not been widely adopted because they are quite complex and often difficult to understand. People tend to be unsure on how to set them up properly to fit future needs and goals. Consulting with a financial advisor is the best way to get the proper advice on how to set up an RESP for your child’s education.

The key attraction for an RESP is the guaranteed 20% government grant earned on the money you put in up to a maximum of $500 per year and $7,200 overall maximum per child.  It takes approximately 14 years to get the most out of your contributions so starting an RESP early in your child’s life can have a huge impact on its value later on. If you haven’t been contributing it’s not too late, you can catch up on previous years that you may have missed and still receive the government grant up to and including the year in which your child turns 17.

Please follow the link to read a full special report entitled The Ins and Outs of RESPs. If you have any questions about setting up and RESP for your child or children please feel free to contact us at 905-837-2600 or info@matheisteam.com

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