Finance

Why Get Your Child Registered For The RESP

The RESP or Registered Education Savings Plan is a life saver for a lot of Canadian teens and adults. This plan has singlehandedly put thousands of Canadians in College by putting them in a financial situation where they would be able to pay for college. Under the new management of the Knowledge First Financial group, the RESP program will be able to broaden its work. Nowadays if you do not have higher education then you will probably not be able to get a good livable wage. Most people recognize that without a proper certification or degree they are going to be left without many work options and will find it difficult to make a living. Even getting in to trade jobs, you have to be certified and must have completed a few courses that certify that you are competent in what you do.

As education turns more and more in to a business rather than something that helps young people learn and be prepared for life later on, the prices for the education goes higher as well. For most of the Western world, education has become nearly unaffordable on an individual’s savings. Parents often have to end up saving money since before the child is born and many end up taking student loans, which they are unable to pay off for the rest of their lives. However, in Canada, there is the option to simply put the savings in an RESP account. This account accumulates a high interest rate until the child is legal and can go to university. Once accepted in a university, the money can be taken out and used to pay the academic fee required for admission and classes. This money also becomes non taxable and eases the burden on parents.

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