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Product Details
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Product Description
Product Description
Saving for a child's education is an important goal for many families. Using clear text and straightforward examples, The RESP Book will help you understand how RESP accounts work and how to get one started, what kind of RESP account to set up and what kind of investments to buy.
Parents, uncles and aunts, grandparents, family friends: anyone who wants to help a child achieve his or her educational dreams can open or contribute to an RESP account, the perfect way to save money and receive generous government grants at the same time.
Topics covered in this book include:
RESP grant eligibility
Contribution rules
Withdrawal rules
How to avoid penalties if child does not attend school Additional grants
Canada Learning Bond
How to start an RESP account
Basic RESP investing information
About the Author
Mike Holman has worked in the Canadian financial industry for almost two decades.
Mike runs the popular Canadian personal finance website MoneySmartsBlog.com which was nominated by the Globe and Mail as one of the best money blogs in Canada.
Inside This Book
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Most helpful customer reviews
4.0 out of 5 stars
A useful baby shower gift that parents will appreciate,
This review is from: The RESP Book: The Simple Guide to Registered Education Savings Plans for Canadians (Paperback)
An up-to-date guide to RESP's for Canadians, I found it very helpful. I don't know very much about investing or saving and this book breaks down the different types of RESP's and their pros and cons in an easy to understand way. Definitely worth getting for new parents.
1 of 2 people found the following review helpful
5.0 out of 5 stars
Excellent resource for parents or family looking for RESP info,
By
This review is from: The RESP Book: The Simple Guide to Registered Education Savings Plans for Canadians (Paperback)
I spent a lot of time researching the internet for info on RESPs to set one up for my granddaughter before I found this book. The author brings together in one useful reference, the information you need to consider or discuss when setting up a RESP. It addresses issues of concern to subscribers (the person setting up the RESP), the beneficiary (the person who will use the money for their education) and others (if the subscriber is not the caregiver/parent). It also goes over withdrawals, the government grants that are available for different income levels, what to look for in a Promoter (the company--bank or broker--provider of the RESP) with respect to qualification for those grants, and presents suggestions on what you should consider for investment vehicles (i.e., GICs, mutual funds, TD's low MER e-series funds, stocks, bonds, etc.). In addition, it provides links to government websites with more detailed information if you're a data junkie like me. With this book in hand, there's no reason to be intimidated about setting up an RESP. Don't bother with the RESP group plans--do it yourself. Everyone can do it whether you're a single parent making $20,000 a year or couple making $80,000 or more.
5.0 out of 5 stars
The Definitive RESP Guide,
This review is from: The RESP Book: The Simple Guide to Registered Education Savings Plans for Canadians (Paperback)
Mike Holman has done us all a favour by offering us The RESP Book: The Complete Guide to Registered Education Savings Plans for Canadians. The book offers detailed information on how to go about setting up an RESP account, from choosing a financial institution to whether or not to use a professional investment advisor. He goes over what to watch out for in terms of fees, as well as basic investing tips like how to set an asset allocation.There are a lot of rules to be aware of when you're setting up, managing and getting ready to withdraw your money from an RESP, and Mike has answered just about every question you might have. At 118 pages, this book won't take you long to read, but it's absolutely full of detailed information that's pretty hard to remember from year to year. It's greatest value may lie in its usefulness as a reference manual. You can turn to it a couple of times a year to quickly refresh your memory on the ins and outs of saving for your child's education. I could have found this information on the government's website, but frankly, it's not always written in an easy-to-understand way. The RESP Book is. There are lots of different examples and specific case studies so that you can really get a grip on how the RESP rules work. If you have an RESP or plan on setting one up, this book is required reading.
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