In this episode, listen to how to save for your child's education using a Registered Education Savings Plan (RESP).
I talk about how to set up an RESP, what happens when you deposit money, what does the (federal) government grant look like, what are the tax implications of your deposits. I also talk about investment considerations, when joint ownership of the account makes sense and when it doesn't and the planning considerations that I talk to clients about as they are making deposits to their RESP.
Next episode- How to withdraw money from an RESP
Useful links:
information on the government grant (Canada): https://www.canada.ca/en/services/benefits/education/education-savings/savings-grant.html
information on U.S. citizens, tax treatment of RESP plans (parents and children): https://www.bdo.ca/BDO/media/Misc-Documents/Tax-Consequences-for-US-Citizens-and-Other-US-Persons-Living-in-Canada.pdf
information about 529 accounts (U.S.): https://www.savingforcollege.com/intro-to-529s/what-is-a-529-plan#:~:text=A%20529%20plan%20is%20an,programs%20and%20student%20loan%20repayments.
information about costs of post-secondary education in the European Union: https://education.ec.europa.eu/news/tuition-fees-at-european-universities
The information in this podcast is intended for general information and illustrative purposes. For advice relevant to your specific situation, connect with a qualified financial planner, lawyer, or accountant before making any changes to your situation.
Sara's designations: Certified Financial Planner (CFP), Chartered Financial Divorce Specialist (CFDS), Certified Divorce Financial Analyst (CDFA).
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