In most cases, the government will put in 20 per cent for everything you contribute, up to $500. To get the maximum grant, set the withdrawal at $208.33, but even $25 will start to … The RESP contribution that lets you maximize government top-ups is $208.33 per month. “It is worth up to $500 every year and you don't get it with a TFSA,” says Sellery.
Look at what you can afford to put away, and do a monthly contribution so it’s easier on the pocketbook.
You do not get a tax deduction for the money you put into an RESP, but the money your investment earns while it is in the RESP is not subject to tax until you close your RESP, or until money is taken out to pay for the education of a child named in your plan as a beneficiary: An RESP is also a great way for the grandparents or aunts/uncles to contribute, just remember that you can only contribute up to a lifetime maximum of $50,000 per child. Lot’s of time to get them out of the basement. Is letting your cash grow tax deferred worth it? Once the account is open, set up an automatic monthly withdrawal from your checking account to the RESP. But if you still have hope, you can also leave the plan open for a maximum of 36 years. Your money grows tax free while it is in your RESP. Is a $500/yr grant per kid worth it? No worries – Mom and Dad can convert the RESP to their RRSP to be used later for fancy holidays to Mexico. So is the RESP worth it? “Besides, the investment income generated in the RESP is sheltered from tax anyway so there isn't an advantage to a …
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