Every investor talks about retirement planning. But if you have kids, you MUST invest in an RESP. And if you don’t, find some to borrow because this account is worth it! However, this great investment tool has important aspects that investors must know to make it work.
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You’ll Learn
- The RESP account stands for: Registered Education Savings Plan. Besides helping investors save for their kids’ tuition, it is supported by governmental subsidies. Mike discussed all the benefits attached to it.
- How the RESP is pretty open to any contributor so parents can get help to finance their children’s education.
- Contributions to an RESP are limited in time. With that in mind, are individual stocks still the best option?
- What about sector allocation?
- Are there sectors that best fit in an RESP?
- What is the tax implication related to such an account?
- How should investors proceed when the time to withdraw money comes? What are the rules?
- If the money in the RESP is not fully used, what happens? What can investors do?
- Mike and Vero end the episode with a couple more tips and a summary of the pros and cons related to this account.
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This podcast episode has been provided by Dividend Stocks Rock.
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