Financial Services: Registered Education Savings Plan in Canada with LMBF
While post-secondary education for many young Canadians can be a great opportunity, it can be expensive. An RESP - otherwise known as an education savings account or Canada Registered Education Savings Plan, is a great way to save for a multitude of educational expenses, which can rack up quickly. Those include student fees, tuition, books, living expenses, rent, and so on. Each year, the federal government will contribute to RESP savings, and lower-income families may qualify for a “Canada Learning Bond.” LMBF’s advisors are here to help provide you with advice on education savings accounts in Canada and navigate strategies to aid you in your journey to meet your financial goals.
The Benefits of LMBF’s RESP Services
Depending on how old your child is or where you are at in your current savings timeline, you need curated advice for your circumstances. LMBF’s advisors can help put you on the right path or advise you on how best to shift your strategies, depending on your goals and needs.
We all know that post-secondary can be expensive, but for many young Canadians, it’s the way forward. For parents or relatives who want a child to have numerous opportunities when it comes to their post-secondary education, LMBF can help provide investment solutions and strategies for ensuring that you may meet your financial goals.
- Post-secondary education can be expensive for
- Canadians You want to save up for your child’s higher education
- You want to earn tax-free interest
- You want flexibility if your child does not choose to continue their education
- RESP accounts can stay open for a long period of time
- No annual contribution limits
- Tax-deferred savings growth
- Variation in contribution frequency
- Anyone can open an account - relatives, friends, etc.
What is an RESP?
An RESP, or Registered Education Savings Plan, is a curated savings account for parents who are looking for a means to save up for their child’s post-secondary education. It is an investment vehicle that is available to caregivers. There are numerous advantages to RESPs, including that they are a means of generating a tax-deferred income. Caregivers can open RESPs without requiring to have a bank account and contributions can be made up until 31 years after the account has first been opened.
Our RESP Plan Advisor
The world of investments and savings can get complicated fast, and it can be especially difficult to navigate for those who are just starting out. If you are looking to support your child or young relative’s higher education, an RESP can be a great way to do just that. That being said, strategies can vary and shift depending on your existing financial obstacles and how old your child is. LMBF’s RESP plan advisors can help direct you on the proper path and ensure that the methods you take are best suited to your future goals.