Saving for your child’s ‘Someday’ is an important step for parents to make to help save money for their child’s post-secondary education. Figuring out how to save for these goals can be daunting, and a Registered Education Savings Plan (RESP) is one way to do it.
Participants of the #RESPwithRBC Twitter Party received a lot of information about how easy it is to start and save money with an RESP, and attendees were also able to ask RBC questions they had about this savings plan. It was a fun night filled with great information, and prizes were awarded to help the winners start planning for their child’s educational futures.
Here are some fast facts that were shared at the #RESPwithRBC Twitter Party about RESPs:
• It is best to start an RESP as soon as possible.
• There is no charge to open an RESP with RBC, and there is no annual administration fees.
• For those who are starting an RESP for an older child, you are able to contribute up until the end of that child’s 17th birthday.
• If your child decides not to have a post-secondary education, the plan will remain open for 36 years, and if the RESP becomes cancelled, the funds can be transferred to a sibling or can be rolled over to your Registered Retirement Savings Plan (RRSP).
• Grandparents are also able to open an RESP, even if they reside in a different province.
• Putting $25 per week towards an RESP can add up to $50, 911 in 18 years.
RBC is also hosting a “Grow your RESP with RBC” contest! You can enter to have a chance to win 1 of 4 prizes of $500 to put towards their own RESP. This contest ends October 4, 2015. You can click here to enter today!
Hopefully, all of the information shared with you about RESPs will help you guide you in the right direction when opening one for your child. If you have more questions about RESPs, you can always contact your local RBC branch, or visit the RBC website to learn more!
This post is generously sponsored by RBC. The opinions and language are all my own.