Will RESP gifts make a ‘Blue Christmas’ — or help the kids in your life?
Global News
An RESP is essentially a savings and investment account, much like an RRSP or TFSA, but focused on saving for a child’s education.
As the holiday shopping season approaches, children will be looking forward to seeing what Santa Claus stuffs their stockings with this year.
If you’re struggling to think of a present for your kids, grandchildren, nieces or nephews, personal finance experts have a suggestion – put money into a Registered Education Savings Plan (RESP).
“My son said to me this week, don’t get the kids any more toys and don’t get us any more stuff for Christmas because we’ve got too much stuff,” said David Christianson, senior wealth adviser at National Bank and a grandfather to two young girls.
Instead of toys, Christianson has decided to make a large contribution to their RESP accounts.
While a five-year-old may not jump up in excitement at the prospect of a tax-deferred investment account, Christianson says it’s the kind of present that can grow in the long term.
“It’s a very responsible present,” he said.
An RESP is essentially a saving and investment account, much like an RRSP or TFSA, but focused on saving for a child’s education.
“It’s an account that’s set up by the Government of Canada to allow you to invest into a child’s education,” said Darren Robinson, a license mortgage broker and life insurance agent.
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