1 hr 26 min
032 Saving for Children's Education | RESPs | ft. Court from Modern FImily The Financial Classroom Canada
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- Business
Today we are talking everything RESP. If you are Canadian and have kids in your life, you will want to listen in and take notes. Court is a self-taught RESP guru. Not only is she very knowledgeable regarding RESP’s, she is also FI (in other words - retired in her 30’s) and knows how to make money work for her. If you missed her previous guest appearance, it's episode 11.
Here's the Cokes notes on the episode:
-Lifetime max $50,000 and it can be open for max 36 years
-Gov will contribute max of $500 a year for a max of $7200
-If you maxed out for the first 14 years you would end up having $105,000 for your child’s education.
-What if my kid doesn’t go to post secondary? There are literally thousands of post secondary options. From University to trade school, aesthetics, bible school, school abroad. Go to this site to see eligible schools: https://www.canada.ca/en/employment-social-development/programs/designated-schools.html
-PSE - not taxed when pulled out
-EAP - taxed when pulled out at child’s tax bracket
-If you have more than one child, and one doesn’t go to school, you can transfer to your own RRSP (tax implications explained in podcast) or to another child’s RESP.
-Family members can open their own account for a child in their life. For example, a grandparent can open up a RESP for their grandchild. There can be multiple accounts attached to one SIN.
-Group RESP - not a great option. There are lots of restrictions.
-Remain aggressive in investments until at least age 15.
There's so much info on this episode! It’s very specific and we hope this has been super informative for you. You can find Court at modernFImily on IG as well as her blog site. Court is very open with her finances - make sure you check her site out!
She also does coaching, if you would like to get into contact with her you can find her at https://modernfimily.com/blog/
Today we are talking everything RESP. If you are Canadian and have kids in your life, you will want to listen in and take notes. Court is a self-taught RESP guru. Not only is she very knowledgeable regarding RESP’s, she is also FI (in other words - retired in her 30’s) and knows how to make money work for her. If you missed her previous guest appearance, it's episode 11.
Here's the Cokes notes on the episode:
-Lifetime max $50,000 and it can be open for max 36 years
-Gov will contribute max of $500 a year for a max of $7200
-If you maxed out for the first 14 years you would end up having $105,000 for your child’s education.
-What if my kid doesn’t go to post secondary? There are literally thousands of post secondary options. From University to trade school, aesthetics, bible school, school abroad. Go to this site to see eligible schools: https://www.canada.ca/en/employment-social-development/programs/designated-schools.html
-PSE - not taxed when pulled out
-EAP - taxed when pulled out at child’s tax bracket
-If you have more than one child, and one doesn’t go to school, you can transfer to your own RRSP (tax implications explained in podcast) or to another child’s RESP.
-Family members can open their own account for a child in their life. For example, a grandparent can open up a RESP for their grandchild. There can be multiple accounts attached to one SIN.
-Group RESP - not a great option. There are lots of restrictions.
-Remain aggressive in investments until at least age 15.
There's so much info on this episode! It’s very specific and we hope this has been super informative for you. You can find Court at modernFImily on IG as well as her blog site. Court is very open with her finances - make sure you check her site out!
She also does coaching, if you would like to get into contact with her you can find her at https://modernfimily.com/blog/
1 hr 26 min