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.

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Canada Education Savings Grant

References in periodicals archive ?

The program help new immigrants to: learn how to use credit cards wisely by paying bills on time and limiting themselves to one or two cards; set up RESPs to help students pay for post-secondary studies; and get a mortgage plan that is best suited to their family.

With the help of Soctiabank's StartRight Program, new immigrants can learn how to build credit, set up registered saving plans, such as Registered Education Savings Plan (RESP), and help them to get a mortgage.

New program enables new Canadians to build a new life by reaching financial goals: Scotiabank's StartRight Program gives new Canadians tools to help save money and build credit

The website which boasts a colorful and modern design promises quick access to vital information on RESPs and is part of the company's ongoing efforts to enhance the availability and quality of information to all its members and potential subscribers in Canada.

Knowledge First Financial: Helping Canadian Families

-BMO study says Canadian parents looking for financial help from RESPs to fund children's education

These two initiatives help Canadian families save for a child's post-secondary education in Registered Education Savings Plans (RESPs).

Canada Education Savings Program: Annual Statistical Review 2012

If a family already takes full advantage of both RRSP and RESP tax deferral mechanisms, then RESPs should certainly be used.

Oh, won't someone please think of the children? A look at Registered Education Savings Plans (RESPs)

* Exempt Canadian registered retirement savings plans (RRSPs) and registered education savings plans (RESPs) from the Form 3520-A filing requirements and their U.S.

Foreign Trust information reporting. (AICPA Activities)

RESPs are registered with the federal government and allow contributions to grow tax-free until the beneficiary begins studies at an eligible post-secondary educational institution.

Help save for your children's education

Are trust funds or a RESPs wiser investments for your children's future?

RESPs or trust funds? Saving for your children's education

Since the federal Income Tax Act does not permit contributions to RESPs as deductions from income, they are not as attractive from a tax standpoint as the more familiar registered retirement savings plans, or RRSPs as they are commonly called (stay tuned for my article on RRSPs to appear in early 1993).

RESPs can accumulate income tax-free

The program provides a grant of 20 percent on the first $2,000 of annual contributions to Registered Education Savings Plans (RESPs) for children up to the age of 17.

Formative Evaluation of the Canada Education Savings Grant Program. Final Report

Knowledge First Financial said it has offered new options for families considering creating a registered education savings plan (RESP), including tax-deferred programs that help investments grow faster.