The Super Visa

  Registered Education Savings Plan (RESP) : 1. It is an expenditure account that aims to save for a child’s education. 2. It allows investments inside the account to grow free of tax. 3. The child’s parent or guardian makes a donation to it. 4. The government then cribs up 20% of that, up to a maximum donation of $2,500 each year. 5. That is $500 in free money every year if contribution is maximum. 6. Lower and middle income families can get benefit from extra grant amounts. 7. If the child’s family income is below $45,916, they will be paid an extra 20% on the first $500 that is contributed, for a total grant of 40%. 8. Children in families above the income of $45,916, but below $91,831 will get an extra 10%, for a total grant of 30%. Benefits of opening an RESP for a child : 1. Post-secondary educations: The average tuition for a four-year undergrad university program is almost $27,300, and that does not include housing and food, let alone other costs. It is 1. e