What Are The Advantages of RESP Plan?

What Are The Advantages of RESP Plan?

The cost of college and further education is unbearable for many families who belong to the middle income bracket of the country. A typical four-year degree program can cost up to $40,000 depending upon the specialization, which is way too expensive for an average individual to afford. By signing up for an education fund for your child not only would you be able invest your hard-earned money on other assets but you also would be securing the future of your children. As soon as your child would enroll for post-secondary education at an eligible institute their tuition fees and other incurred costs would be deducted from your savings account. Your savings fund account can be opened at any local financial institution such as a bank or it can also be purchased from a scholarship plan dealer in your area.

There are different types of RESPs which are available to Canadian citizens with limited financial resources. Individual, family, or group are the options that are available to the parents which they can select according budget and monthly earnings. If you have only one child who would be getting his or her higher education after some years then you can apply for an individual RESP plan. Knowledge First Financial is the best option for you if you have a social insurance number that is valid. You can visit the homepage of BBB to get more reviews and information about it now.

Depending upon the province you are located in, you would also be receiving provincial grant money in your account along with the federal grants. This way you can easily get good returns on your investment as long as you start off the plan as early as possible so that higher amount can be accumulated in your account.

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