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.
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.
Global Banking News-September 12, 2012--BMO study says Canadian parents looking for financial help from RESPs
to fund children's education(C)2012 ENPublishing - http://www.enpublishing.co.uk
These two initiatives help Canadian families save for a child's post-secondary education in Registered Education Savings Plans (RESPs
If a family already takes full advantage of both RRSP and RESP
tax deferral mechanisms, then RESPs
should certainly be used.
* Exempt Canadian registered retirement savings plans (RRSPs) and registered education savings plans (RESPs
) from the Form 3520-A filing requirements and their U.S.
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.
Are trust funds or a RESPs
wiser investments for your children's future?
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).
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.
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.