What Is the Canada Education Savings Grant?

The Registered Education Saving Plan, or RESP for short, is a type of savings in Canada that indicates that a specific purpose is to save children for continuing education after graduating from high school.

RESP

Right!

The Registered Education Saving Plan, or RESP for short, is a type of savings in Canada that indicates that a specific purpose is to save children for continuing education after graduating from high school.

To enjoy the specific benefits of the Canadian government's savings in registered education, the savings must be used later for education after the child's high school graduation. This is an educational savings plan to encourage children to go to college, while reducing the pressure on parents from high tuition fees. It has been in existence for more than 30 years and has been continuously improved, especially since 1998, the Canadian federal government has provided a 20% subsidy policy, and more parents who care about their children have participated in this program.

Chinese name

Registered Education Savings Plan

Foreign name

Registered Education Saving Plan

Short name

RESP

Country of implementation

Canada

Main object

Children's education after graduating from high school

Annual contributions

$ 2,000 or $ 4,000

Starting a savings plan is really easy. You can start a home or personal savings plan with a minimum of $ 500 at a time or a minimum of $ 25 a month. The annual contribution is $ 2,000 or $ 4,000 with a lifetime contribution limit of $ 42,000. The annual contribution deadline is December 31. If a new child is added, simply add its name to the beneficiary list or start another new savings plan.

1, The income from investment income invested in RESP is not subject to tax as long as it is kept on the account

2. After the establishment of the RESP , the Canadian government will give you a 20% education savings subsidy based on your annual contribution, up to a lifetime of $ 7,200.

3. The investment amount of RESP taken out at any time is not taxable (excluding investment income)

4. If a child is unwilling to receive higher education, change the beneficiary to another child

5. Under certain conditions, the income from RESP can be transferred to RRSP

6. The amount invested in RESP can be used as collateral for other loans

Although the Chinese version of the Process Lasso software is incomplete, the Chinese version is not complete. By default, placing the mouse on the Process Lasso software tray icon will display the system status, where RESP is an abbreviation of a word, which means responsiveness in a computer. (Which specific word is it? I don't know. It can be translated into responsive words, as if there are four or five.)