Registered Education Savings Plan

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Registered Education Savings Plan

In Canada, an account into which a person makes contributions up to a certain limit in order to save for a university education and from which he/she begins to take distributions to pay for tuition and other expenses. A Registered Education Savings Plan allows for tax deductible contributions and taxable distributions; that is, contributions are tax-deferred until withdrawals are made. Registered Educations Savings Plans may be invested in securities and usually own common stock and certificates of deposit. See also: Registered Retirement Savings Plan.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
John Hancock supports Americans with a variety of financial products such as life insurance, annuities, investments, 401(k) plans and education savings plans.
At Wells Fargo, Mark Hogan and Leah Eller focused on retirement and estate planning strategies, business services and tax-advantaged education savings plans, or so-called 529 plans, and oversaw over USD 150 million in client assets.
But Berkeley Assets says the blame often lies in the limited supply of investment products such as retirement benefit plans and education savings plans made available in the market by offshore pension providers.
For example, the bill would allow families investing in 529 education savings plans for college to withdraw up to $10,000 annually to pay for qualified education expenses in K-12 public or private schools or homeschools (House Ways and Means Committee resources).
Modeled after 529 education savings plans, ABLE Act plans allow a person with a disability to make after-tax contributions up to $14,000 per year, and to take distributions on qualified expenses throughout his or her life.
We offer our expertise across all lines of business, from education savings plans and pension plans, to critical illness insurance and life insurance," he said.
Parents looking to fund their children's college expenses have often looked to 529 savings plans or Coverdell education savings plans. While these accounts can be beneficial, use of life insurance as a savings alternative may provide benefits that are impossible to realize through traditional vehicles.
It also expanded its wealth management product suite to encompass retirement and education savings plans, "a segment it will continue to focus on and broaden in 2013." QNB First increased its lifestyle partnerships from 6 to 48 in 2012 and secured representation from a wide range of exclusive product and service providers offering unique privileges and upgrades, including world-class hotels, restaurants, airlines and boutiques.
The TFSA complements existing registered savings plans like Canada's Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).
Depending on your personal situation, RRSPs, Tax-Free Savings Accounts (TFSA), Registered Education Savings Plans (RESP) and Registered Disability Savings Plans (RDSP) can offer significant tax benefits for your investment savings.
Options include education savings plans, education credits, deduction of educational expenses, education savings bonds, education loans and other alternatives.

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