What is a Diploma RESP? How Does it Work? Is It Right for Me?
by Auxiliary i&i Financial Services, December 1st, 2021
Do More for Your Kids
Registered Education Savings Plans (RESPs) are a great tax-sheltered tool for covering academic costs like tuition, housing, and school supplies like textbooks.
Parents always want the best for their kids, to give them a quality education, and for them to have loads of opportunities.
So what if there was something better than an RESP? Let’s talk about Diploma RESPs.
RESP vs Diploma RESP
Unlike a normal RESP, a Diploma RESP can give you a bonus of up to 15% of your total contributions when you fulfil your commitment.
If your child chooses not to pursue post-secondary education, the accumulated income could be transferred to you.
There are plenty of opportunities to leverage government grants to maximize your returns and provide for your family.
How to Get Started
Whether or not you already have an RESP, you can always transfer to something like a Diploma RESP if it makes an improvement for you- which it more than likely will.
Meeting with an advisor is always a great step as it allows us to get to know you, your needs and your unique situation.
Have more questions? Want to see how it would look for you? We’re passionate about helping families be as successful as possible, and are here to answer any questions you have.
Based out of the Greater Toronto Area, Auxiliary i&i Financial Services provides premium service to Ontarians, specializing in investments and insurance.
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