Registered Education Savings Plans: Back to Basics
Registered Education Savings Plans (RESPs) are tax-deferred education savings vehicles designed to assist parents (or other family members and friends) to save towards a beneficiary’s post-secondary education. A contract is entered into between a subscriber (i.e., parents) and a promoter (i.e., bank or trust company), whereby the subscriber contributes funds for one or more beneficiaries, and the promoter manages and invests the contributions. There are specific requirements under the Income….
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