Registered Education Savings Plan
As we all are well aware of, education in a country like Canada has become too expensive. Educational expenditures are at the peak. As a parent, it is troublesome that the prices for secondary education and higher education have got so high that for some, it is really impossible to go forward with. This is why Government of Canada has introduced Registered Education Savings Plans for the students who want to go with higher education.
Registered Education Savings Plan involved the contributors and the beneficiary. A contributor can be anyone starting from the parents of the child to the relatives. Beneficiary is the child for whom the savings are being done. Government also helps in the savings by providing it a tax-free property to have. Also, By opening a RESP account, you’ll be eligible for Canadian Education Savings Grant may give up to $7,200 for your child’s education, while the Canada Learning Bond will give up to $2,000.