Saving for Your Child’s ‘Someday’ is Easy with #RESPwithRBC and Contest!

| September 25, 2015 | 1 Comment

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.

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Category: Dads, Education, Family, Finance, Giveaways Archived, Grand-Parents, Moms, Themes, Tips, Weekly Themes

About the Author ()

My name is Lian Wright. Born in Toronto, I came to Ottawa as a student to study Political Science at Carleton University, and came away with an Honours Degree, and decided to stay. I'm a huge sports fan, have a love of reading, and like experiencing new things whenever I can. I am now a mother of three children (11, 1 and 7 months old) and am kept constantly on my toes. My blog, Pieces of Me, is my way of sharing what I have enjoyed and encountered in my life so far as a mother. So far, being a mom has had it's expected ups and downs, but that's what makes being a parent so fulfilling for me. I've loved and learned from what's happened so far, and I can't wait to see what's in store for me next. I hope you enjoy the journey with me!

Comments (1)

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  1. Elizabeth Matthiesen says:

    It simply makes a lot of sense to save for your child’s future education as it is extremely expensive.

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