I'm a recent immigrant to Canada and I didn't know much about some of the benefits that the Canadian government offers to anyone with a PR. I wanted to share one of these tips here to make sure you don't miss out. If you are a new immigrant and you have kids, make sure to sign up for RESP,
What is RESP?
RESP is a tax-sheltered savings plan designed to help parents and guardians save for their child's post-secondary education. For every $2500 you put in the RESP account, the government will put in $500 every year and this money can grow tax-free for 18 years. I've written a detailed blog about it here for anyone interested.
Here is the official government link with lots more information - https://www.canada.ca/en/services/benefits/education/education-savings/resp.html
I use wealthsimple to setup this account and its quite easy to run. All other major banks support this too.
I'll regularly be posting more finance tips on my Instagram (@frugalmaple) so keep an eye out for more useful information.
What is RESP?
RESP is a tax-sheltered savings plan designed to help parents and guardians save for their child's post-secondary education. For every $2500 you put in the RESP account, the government will put in $500 every year and this money can grow tax-free for 18 years. I've written a detailed blog about it here for anyone interested.
Here is the official government link with lots more information - https://www.canada.ca/en/services/benefits/education/education-savings/resp.html
I use wealthsimple to setup this account and its quite easy to run. All other major banks support this too.
I'll regularly be posting more finance tips on my Instagram (@frugalmaple) so keep an eye out for more useful information.