Most Canadians understand some of the excellent benefits that come with setting up a Registered Education Savings Plans (RESP) for one (or all) of their children in order to help pay for future University expenses. The government match of 20% in the first $2,500 saved per year is a great carrot to further encourage saving for the future.
One of the questions that often comes up is where do people go to actually open up a recognized RESP that qualifies for the government match.
The good news is that there are dozens upon dozens of providers who can all help anyone get set up with a proper RESP account. This includes:
– Investment firms
– Credit unions
– Some scholarship programs
– Certain securities providers
There’s even an official list on a government website that allows people to check out an up to date list of the many officially recognized providers who are allowed to create RESP accounts for customers.
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One of the benefits of having so many different companies and financial agencies that can provide RESP support is that no Canadian citizen should ever have to travel that far in order to set up one of these critical accounts to help with paying for future educational choices.
One thing to keep in mind: the closest provider isn’t always the best one. Different providers and different styles of RESPs also have connections to various government grants that can go along with those accounts. Not every single RESP account is attached to every grant that is available, so it’s worth doing a little bit of research and meeting with multiple professionals to figure out what additional funding options (through grants) might be available.
Some of these are attached to the providence of the resident, while other grants have different attachments. A little bit of research goes a long way towards figuring out the most common grant options that are available.
There are many options when it comes to finding a qualified and experienced RESP provider willing to help any individual set up a savings account for their children’s future education. While each child can only have one RESP and a RESP account can’t be shared, the flexibility and benefits of these accounts make them an outstanding tool for saving up for a child’s educational future and make paying for college much easier.