Have you read my post Be smart and think “Someday” with RBC RESP? In that post I was talking to you about the benefits of saving for your kids’ education. Since then, I’ve attended the RBC RESP Twitter party, and I’ve learned even more great things on RESPs.
Did you know that if your child chooses not to pursue post-secondary education, upon cancellation of your RESP plan, you can transfer money to a sibling or roll it over to your RRSP?
Did you know that if you are considered a low income family, you could qualify for an additional $2000 without ever having to contribute?
Did you know that if you child decides not to attend University, you can withdraw the amount of your original contribution and this amount wouldn’t be taxed? The earnings of the plan could go over to your RRSP, but you would have to reimburse any grants money.
If you have any questions or just want to learn more about RESPs, you can visit your local RBC branch or visit the RBC website.
Want a chance to win some money to put towards your own RESP? Enter the Grow your RESP contest HERE, and you could win 1 of 4 prizes of $500 to put towards your own RESP. Contest ends October 4, 2015.
To learn more, visit: https://www.
As you can see, there’s a lot of advantages in saving money for your child’s education. So be prepared, and invest now for your children’s future.
(This is an RBC sponsored post but the opinions are my own.)
Thanks for visiting Do It All Working Mom.
valmg @ Mom Knows It All says
Higher education is so expensive. It’s great to see avenues that let parents help save money towards it.
Most people don’t think about saving for college until it is two late. We started the minute each of our girls were born!
Debbie Denny says
This plan to save for college has a lot of great benefits. I should look at this.
Lisa Nolan says
This is such an important issue involving your child’s college and adult years! I am taking notes!
Chelley @ A is For Adelaide says
I did not know all this! Saving for education is SO hard, but I’m glad there are quite a few ways- having 2 kids and wanting more, I know higher ED is going to be daunting!
[email protected] says
My kids both have college plans set up for them. I am grateful to have the resource to help get college savings for them.
I loved the chat. I learn so much from RBC and this was a great chat. Hope others learned a lot as well!
Caroline Barnes says
I really enjoyed it as well. I’m sure everyone learned so much!
Saving for your chid’s college education is very important. You should start doing this as soon as your child is born.
Kristen from The Road to Domestication says
I love these kinds of programs! Might as well make good use of them, for sure!