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Three types of RESP. Any adult can open a Registered Education Savings Plan (RESP) to help save for someone’s education after high school. Adults can open RESPs for: their own child. someone else’s child. themselves, or another eligible adult. It is very important to choose the right type of RESP.
The Registered Education Savings Plan (RESP) is a long-term savings plan to help people save for a child's education after high school. An adult can also open an RESP for themselves. With an RESP, the recipient may be able to receive education savings benefits from the government.
You can use the money in the RESP to pay for the child's education after high school. Determine if the school is eligible, and request the money from your promoter.
Get an overview of student loans from CIBC before your child enters college or university. The student loan process and other financial assistance can be overwhelming, so learn how to apply for a student loan as well as grants and scholarships.
Oct 23, 2024 · A Registered Education Savings Plan - or RESP - is a tax-advantaged savings account for post-secondary education that has funding opportunities by the Canadian government through grants and eligible bonds. Anyone can open and contribute to an RESP (parents, grandparents, an aunt, or parent’s friend).
Who can open an RESP? Anyone—parent, grandparent, relative or friend—can open an RESP for a child. Can I open an RESP for myself? Yes. You can contribute to an RESP for a maximum of 32 years (the year the plan opened plus 31 years) and name yourself or another adult as the beneficiary of your plan. However, adults are not eligible for the CESG.
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Dec 19, 2023 · A child’s post-secondary education can be expensive. Opening a Registered Education Savings Plan (RESP) allows you to grow your savings for your child’s education with the help of bonuses and grants from the federal and provincial governments. Here’s how RESPs work and why they’re a good idea.
