A couple of weeks ago, I shared a post outlining some facts and information about setting up an RESP. (Here it is!) I also included the Twitter party invitation in that post! I hope you were able to join in on the Twitter fun. Was anyone else’s head spinning afterwards? Mine was! I learned so much and want to do a little recap here about some of the key questions and points that came up during the party.
When is the best time to open an RESP?
A.S.A.P! You can open an account as soon as your child is born! And you can contribute to the RESP until the day before your child turns 18 year old.
What if my child chooses not to pursue post-secondary education?
The RESP savings can be rolled over to an RRSP or can even be transferred to a sibling.
How much will the government contribute to my child’s RESP?
The government will contribute 20% of your RESP contributions with a $1000 maximum per year.
What is the value an RESP can grow to?
If you start early, and invest regularly ($25/week), you can earn up to $50,000 for your child’s education!
Those are just some of the main points I took away from the Twitter party. To learn more, visit your local RBC branch and/or visit the RBC website.
Don’t miss your chance to Grow Your RESP With RBC by entering this great contest! You have the chance to WIN 1 in 4 prizes of $500 to put toward your RESP. Contest ends October 4th, so make sure you ENTER NOW!