Opening An RESP For Your Grandkids, Pros And Cons

Описание: RESPs for your grandkids? Should have one? There's a whole bunch of options when it comes to this. there are pros and cons. In this video Adam and I go into all the details!

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📽 Watch our other video on how the RESP works:    • How RESP Grants Work  

1. Typically the RESP is an account most popularly used by parents to save money for their kids educations, $2,500 per child per year with a maximum grant of $500.

2. Nowadays we often see grandparents wanting to contribute to the grandchildren's college or university fund.

3. What are the benefits of opening an RESP for your grandchildren ?
You have control of the money
The money can come back to you or the parents pockets

4. What are the downsides?
There is only so much grant money available for a single child.
there is a maximum that you can contribute.

5.have the discussion with your kids and grandkids about what the best option is.

6. Make sure you talk to your lawyer and wealth professionals, to make sure your will aligns with the rest of your plans

7. Eliminate the doubt and plan properly with your team.

📽 Watch our video on the RESP rules, contribution limits and grants:    • RESP Rules |  RESP Contribution Limits |  ...  

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