RESPs for Any Situation

Originally Posted in Canadian MoneySaver
By Sandi Martin
September, 2021

A Registered Education Savings Plan is a multi-purpose, somewhat complex, tool that is useful for many different kinds of people in many different kinds of circumstances. Perhaps you have low income and little ability to save, have moderate income and want to get the most bang for your buck, or have high income and/or strong values around paying for all the costs of post-secondary. Regardless of where you land, opening and investing in a solid RESP is always the right choice if you have beneficiaries who will one day be in need of post-secondary financial resources. 

Originally published in Canadian MoneySaver, I detail the differences between each income bracket and outline why RESPs are more than a single-use tool. By breaking down the math, I effectively refresh our understanding of how RESPs are a useful and wise investment regardless of your current economic status. 

“Along with whatever investment income the amount earned along the way, you've given the beneficiary a tremendous leg up on the cost of post-secondary schooling and should be incredibly proud.”

Subscribers to Canadian MoneySaver can read the full article in the September issue to learn more about how RESPs are applicable to any situation.