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RESP
An RESP (Registered Education Savings Plan) is an investment scheme which encourages parents to invest money in their children’s higher education.
An RESP (Registered Education Savings Plan) is an investment scheme which encourages parents to invest money in their children’s higher education. Investing in this plan offers the contributor considerable tax advantages. Here, at Blue Umbrella Financial Services, we offer many RESP savings plans to parents in Canada, and you can choose one that you find the most suitable in regard to your expectations and your budget.
Different Types of RESP Plans
Individual Investment Plan
An individual investment plan is meant for a single beneficiary, who does not necessarily be a blood relative of the contributor.
Family Investment Plan
This plan is intended for multiple beneficiaries in one family, who must be related by blood or be adopted by the contributor. Under this investment program, if one beneficiary decides not to continue with their studies, the other members of the plan can use the money for their education.
Group Investment Plan
Group plans can be organized for one single child who does not necessarily be related to the contributor. This type of investment plan has more regulations than the other ones. The payable amount in this investment policy is fixed, and the contributor will have to encounter penalties for missing a payment.
Benefits of Investing in an RESP Plan
Receive Government Grants
When you opt for an RESP plan, the Canadian Government adds an amount to your savings every year through their Canada Education Savings Grant.
Tax-Free Savings Program
By investing through an RESP plan, you can grow your finances without having to pay any tax amount.
Many Options to Choose From
You can choose from different investment programs while saving money for your children’s higher education. You do not even have to be a blood relative to sponsor a child’s education.
If you would like to know more about RESP investment plans, we are here to guide you. We will also help you choose the right plan that suits your specific expectations.
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