RESP Basics

What is an RESP?

May 27, 2019

The acronym stands for Registered Education Savings Plan and is a type of registered account which is used for education savings. Funds that are contributed into the account are after-tax dollars, meaning you do not get a tax deduction when making a contribution. What you do receive is a 20% CESG or Canadian Education Saving Grant payment on the first $2,500 of contribution per beneficiary/child. If you miss a year, all is not lost. You can makeup contributions by adding an additional $2,500 per beneficiary per year the child is behind. For example, if your child is 4 years old and you have yet to make any contributions, you could contribute $5,000 per year for the next 3 years to make up for the years that you missed. You would receive $1,000 annually in CESG for each $5,000 contribution until the child is caught up. There is a lifetime limit of $7,200 CESG per beneficiary.

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Travel Tips

Bring More Joy to Your Next Trip

May 14, 2019

Do you love to travel? Do you like meeting new people? Are you adventurous?

Over the last 20 years I have visited more than 40 countries. While gaining great memories and souvenirs, meeting new people and seeing new places, I’ve also come across some bumps in the road that have taught me some valuable travel lessons.

If you desire to get the most out of your travel experience, here are a few important tips to keep in mind to help make your travel easier, and help leave those bumps in the road behind…

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Budget 2019

10 Things You Need to Know

March 21, 2019

The Federal government has released their budget for 2019 which they’ve tilted: Budget 2019 – Investing in the Middle Class. Housing was the focus of the budget this year, with the main features helping to reduce barriers to home-ownership. I outlined the 10 most impactful components of the budget below: Read More…