Beware of the RESP Tax Trap: How to Minimize Your Child’s Tax Liability
If you’re a parent in Canada, you’re probably familiar with the RESP (Registered Education Savings Plan). It’s a popular investment vehicle that allows you to save for your child’s post-secondary education while taking advantage of tax-deferred...
FHSA: How the First Home Savings Account Works, and What It Is Not
A First Home Savings Account does something no other registered account does: you deduct the contribution like an RRSP, and you take the money out tax-free like a TFSA. $8,000 a year, $40,000 in a lifetime, and it only works if you buy. The short answer$8,000 a year,...
Frequently Asked Questions about RESPs
Frequently Asked Questions about RESPs What is an RESP and how does it work? A Registered Education Savings Plan (RESP) is a tax-advantaged investment account designed to help families save for their children’s post-secondary education in Canada. Contributions...