Thanks for watching the video! For Your FREE Consultation with Rob, simply fill out the form and directly book your strategy session in his calendar here: robtetrault.com/speak-to-rob/ Register to our FREE Retirement Masterclass - bit.ly/2THZzNj Register to our FREE Alternative Real Estate Investing Masterclass - bit.ly/34ySkgB For more information on Rob & The Tetrault Wealth Advisory Group, click here: robtetrault.com/about/ 📽 Watch our other video on How Does RESP Work? What Are The RESP Withdrawal Rules: ua-cam.com/video/NAATaGy0GWk/v-deo.html 📽 Watch our other video on How RESP Grants Work: ua-cam.com/video/e033Qd2Nx3Q/v-deo.html
Thanks Rob for explaining the component of generous free money from the government in the form of education grants and bonds. RESP and CLB is an essential tool for the financial well being of families with new born kids or school going kids !!!!
That was the best explanation of the RESP I have ever heard. Thank you so much. I will check out the rest of the channel for other investing videos. I am curious about tax free savings accounts and mutual funds. Smokey out.
In a family plan RESP: if son decides not to go to school, will daughter receive his $7200 grant? I don't think that is the case thou, but in the vid it sounded like the son can get the grant. Could you please clarify?
Very informative video.you have covered almost everything. Is 7200 the sum of clb 500 + cesg 20% of subscriber's contribution Or, lifetime Grant is 7200 + clb 500.
Hi @SabShr! You can contribute a lifetime maximum of $50,000 per beneficiary to an RESP. The amount of annual contribution room that is eligible for the Canadian Education Savings Grant (CESG) is $2,500. You are welcome to contribute more, but the 20% grant is only matched by the government up to $2,500 per year. If your child is eligible for the Canada Learning Bond (CLB), you will receive a one-time initial contribution of $500 to your child's RESP with an additional $100 for each year of eligibility until age 15. I hope this answers your questions :)
I have a question about My kids RESP I have 3 kids 1 already graduated from college other one is going for Master degree 3 rd one in High school -in Family Plan--I took some money out but I did not knew before so from MY Contribution only-- Me & my Kids are Non Resident now -While we were resident & kids were resident ,Govt gave us some Grant which we did not took it out - I have been told that all the Grant money given to my Kids while they were resident , Belong to them & can be used towards their education any where out of Canada too---Here is a segment from a Lawyer web site ----------(The residency of a beneficiary is more important for a RESP. When a beneficiary becomes a non-resident, it does not impact the existing government grants like the Canada Education Savings Grant (CESG) or other means-tested federal or provincial grants already in the account. It does negate the eligibility for that beneficiary to receive future grants, and contributions cannot be made to a RESP for a non-resident beneficiary.) Where I can confirm this because bank is saying that I have to return all Govt Grant given to them --Thanks
Thanks Rob this is first time I got new interested info, If I have not open account since birth of my child and if I need to maximize Govt grant you are saying I have to invest 5000 every year per child. My son born on 2013-March. this this year 2022 I am opening his account same for by 2nd one born in 2016. How do I get all missed grant from government?
Great question and often one that people don’t get the right advice for. Keep in mind, this is based on limited information, but someone should be able to contribute $2500/year for each child, plus another $2500/year of make up room for a prior year for each child. So yes, that is $5000/year each to get 20% grants. You can continue this until the end of the year they each turn 17 or grants/contributions have been maximized, whichever is sooner. Hope this clarifies the information we provided. Always seek the advice of a qualified professional prior to implementing any strategies. Thanks for watching!
Thanks for watching the video!
For Your FREE Consultation with Rob, simply fill out the form and directly book your strategy session in his calendar here: robtetrault.com/speak-to-rob/
Register to our FREE Retirement Masterclass - bit.ly/2THZzNj
Register to our FREE Alternative Real Estate Investing Masterclass - bit.ly/34ySkgB
For more information on Rob & The Tetrault Wealth Advisory Group, click here: robtetrault.com/about/
📽 Watch our other video on How Does RESP Work? What Are The RESP Withdrawal Rules: ua-cam.com/video/NAATaGy0GWk/v-deo.html
📽 Watch our other video on How RESP Grants Work: ua-cam.com/video/e033Qd2Nx3Q/v-deo.html
Thanks Rob for explaining the component of generous free money from the government in the form of education grants and bonds. RESP and CLB is an essential tool for the financial well being of families with new born kids or school going kids !!!!
Sorabh, always a pleasure to put these videos out and thanks for watching!
Very informative and simply put forward !!
Thanks for watching and the kind words Ritasha!
That was the best explanation of the RESP I have ever heard. Thank you so much. I will check out the rest of the channel for other investing videos. I am curious about tax free savings accounts and mutual funds. Smokey out.
I appreciate the kind words! Thanks for watching!
Thanks Rob
Thanks for watching Mayur!
Thank You
Thanks for watching Abubaker!
In a family plan RESP: if son decides not to go to school, will daughter receive his $7200 grant? I don't think that is the case thou, but in the vid it sounded like the son can get the grant. Could you please clarify?
Hello! Thanks for watching. Yes, you are correct, your daughter would receive the grant in a family plan
We are thinking of starting RESP plan for a 2 year old on IG wealth management . Whats your opinion on that?
Very informative video.you have covered almost everything. Is 7200 the sum of clb 500 + cesg 20% of subscriber's contribution Or, lifetime Grant is 7200 + clb 500.
Hi @SabShr!
You can contribute a lifetime maximum of $50,000 per beneficiary to an RESP. The amount of annual contribution room that is eligible for the Canadian Education Savings Grant (CESG) is $2,500. You are welcome to contribute more, but the 20% grant is only matched by the government up to $2,500 per year.
If your child is eligible for the Canada Learning Bond (CLB), you will receive a one-time initial contribution of $500 to your child's RESP with an additional $100 for each year of eligibility until age 15.
I hope this answers your questions :)
I have a question about My kids RESP I have 3 kids 1 already graduated from college other one is going for Master degree 3 rd one in High school -in Family Plan--I took some money out but I did not knew before so from MY Contribution only-- Me & my Kids are Non Resident now -While we were resident & kids were resident ,Govt gave us some Grant which we did not took it out - I have been told that all the Grant money given to my Kids while they were resident , Belong to them & can be used towards their education any where out of Canada too---Here is a segment from a Lawyer web site ----------(The residency of a beneficiary is more important for a RESP. When a beneficiary becomes a non-resident, it does not impact the existing government grants like the Canada Education Savings Grant (CESG) or other means-tested federal or provincial grants already in the account. It does negate the eligibility for that beneficiary to receive future grants, and contributions cannot be made to a RESP for a non-resident beneficiary.) Where I can confirm this because bank is saying that I have to return all Govt Grant given to them --Thanks
Thanks Rob this is first time I got new interested info, If I have not open account since birth of my child and if I need to maximize Govt grant you are saying I have to invest 5000 every year per child. My son born on 2013-March. this this year 2022 I am opening his account same for by 2nd one born in 2016. How do I get all missed grant from government?
Great question and often one that people don’t get the right advice for. Keep in mind, this is based on limited information, but someone should be able to contribute $2500/year for each child, plus another $2500/year of make up room for a prior year for each child. So yes, that is $5000/year each to get 20% grants. You can continue this until the end of the year they each turn 17 or grants/contributions have been maximized, whichever is sooner. Hope this clarifies the information we provided. Always seek the advice of a qualified professional prior to implementing any strategies. Thanks for watching!