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The RESP Book: The Simple Guide to Registered Education Savings Plans for Canadians Paperback – Aug 25 2010
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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.
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Top Customer Reviews
Admittedly I never knew a lot about RESPs prior to reading this book. I had just heard “Things” mostly from people who didn’t know either. Always best to get information from the experts.
It wasn’t too terribly hard to understand. Of course those with good financial literacy will take to the information quicker. However if you don’t have a lot of financial literacy you can still get the information from this book it might take a little longer that’s all. It’s not rocket science that’s for sure.
We were able to develop a good investment strategy that works for us. We also have a good exit plan and a good backup plan is our son doesn’t go to college or university.
We’ve been taking advantage of the governments matching of RESP contributions. It’s about $42 dollars a month for your $210 contribution (Up to lifetime max up to 7/8K something like that). That’s about the max you can get per year.
The book more than paid for itself in the first month.
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.
That said, this book offers tips that could save you thousands of dollars in the long run. Besides covering the basics of why you should (or shouldn't) start an RESP and how to go about opening the account, Holman explains the ins and outs of contributions and grants, and briefly introduces concepts such as the investment time horizon and investor comfort levels. Possibly the best section, Holman also explains how to get the most out of the RESP if the beneficiary does not go to post-secondary.
The book also includes a chapter each for additional programs available to Alberta, Quebec, and low-income families.
I had dreaded flipping through a thick, complicated, textbook-style manual on financial investing and was very happy to find a book written in such a concise, easy-to-read style. I also really appreciated that Mike Holman is not afraid to give his opinion about such things as group plans or situations when a RESP is not advisable.
I would highly recommend this book to anyone, most especially first-time parents!
Most recent customer reviews
This book is simple and clear. It makes easy to understand how the RESP works.Published 1 month ago by chequi08
Does the book give a current info on the RESP rules/legislation?
Does it give an insight on the TYPE of eligable RESP studies (fuul time, part time, overseas studies,... Read more
was expecting more strategies and ideas. plus some of the info is outdated.Published 4 months ago by Oleksandr Bomshteyn
Good overview of all the resp rules. I have referred back to this book many times to check on different rules.Published 20 months ago by Paul Chatigny
If you have RESPs for your family, this book is a must have. It covers everything you need to know. Great section on withdrawing from an RESP that was very useful.Published on Jan. 26 2014 by Dave Warawa - PROSALESGUY
Very informative and simple to understand. The author does a great job of make the recommendations easy to follow and understand.Published on Sept. 7 2013 by Amazon Customer