Before the end of the year, if you have a student in your life, ensure that you take some time to decided wither you should be making RESP contributions or withdrawals. This quick hit video covers a few key ideas about RESPs to give some reminders about what to consider well before December 31st arrives.
Video Transcript:
Prior to the end of the year, it’s time to take a look at any RESP or Registered Education Savings Plans.
I’m George Dube, saving the road from tax one bow tie at a time®.
Perhaps your student, your child or grandchild, maybe it’s a lower income tax year for them, and we should be pulling out some additional funds, the taxable component of the RESPs. Alternatively, prior to the end of the year, perhaps we should be contributing more to get the matching component from the federal government. Whichever you’re doing, please do leave enough time before the end of the year so that your transactions have time to be processed.
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I want to help you Do wonderful things®.
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Resources
For additional resources related to the year-end tax savings such as making RESP contributions or withdrawals, see:
More questions?
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Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
