A Registered Education Savings Plan (RESP) is a special savings account for parents who want to save for their child's education after high school.
We at Sekhon Insurance Broker, represent all major RESP providers and we can get the best plan available based on your situation.
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How much can I contribute into a RESP plan in Canada?You can contribute a lifetime maximum of $50,000 per beneficiary to an RESP.
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What age should the child be in order to start RESP?A child should be at least 1 day old to start a RESP.
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What happens if my 1st child doesn’t pursue a post-secondary education?If your 1st child doesn’t pursue post-secondary education then you can transfer the funds into your 2nd child’s plan.
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Can I lose my principal that I have contributed into the plan?No, you can’t lose your principal that you have contributed because the money is only invested in low risk investments.
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When will my child get the money paid to them?Your child will get the money the year to turn 18 yrs old.
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What if none of my kids pursue post-secondary education?If your child doesn’t attend post-secondary institute, then you can get your principal back so you don’t loose anything.