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New Parents Guide To Setting Up An RESP
Congratulations! You’re starting a family or have already started a family and through all the craziness of raising children you’re also thinking about setting up an RESP. That’s fantastic!
As a new parent you now get access to a special tax advantaged account called the RESP and it comes with some special features that all parents should take advantage of.
As the name implies, the Registered Education Savings Plan (RESP) is meant to help parents (or relatives) save for a child’s post-secondary education.
There are a few benefits to the RESP that make it attractive to parents. One is that investments inside the RESP are able to grow tax free. The second is that contributions receive a matching grant of up to 20% or $500 per year, whichever is lower. Plus there are even extra grants and learning bonds available for lower income families.
But with all the attractive features of an RESP there are also some restrictions. These restrictions can sometimes be worrisome for parents and cause them to avoid setting up an RESP for their children. In this post we’ll explain what an RESP is, what you’ll need to set one up, some of the terminology you’ll encounter, and finally how to withdraw from your RESP in the future.
The Best Way To Invest Short Term
When planning to reach a financial goal, one very important aspect is the timeline. How much time do you have until you want to meet your goal? Is it 1-year, 3-years, 5-years, 10-years or maybe it’s a long-term goal like 25+ years.
Your timeline is a very important factor to consider. Your timeline is going to help inform decisions about how much risk you should be taking and the best way to invest.
One common mistake people make is that they make investment decisions without thinking about their timeline. They’re mostly focused on getting the highest return, making the most of their money, and not leaving anything on the table. But they don’t fully appreciate the short-term risk associated with a decision to “maximize returns”.
Over the long-term, taking on more risk can be a smart decision, but over the short-term that extra risk can cause some wild swings.
If you need access to money within a few years then you need to choose a good way to invest short-term.
Maybe it’s for a down payment, or maybe it’s to pay for post-secondary education, maybe it’s to pay for an expensive once-in-a-lifetime trip in retirement, or perhaps it’s a wedding gift for your daughter and soon to be son-in-law. Whatever the reason, if you need access to a large amount of cash within the next 3-5 years then you need a good short-term investment.
What Are The Different Types Of Life Insurance?
Risk management is an important consideration in any financial plan. There are many risks that must be managed to have a solid financial plan. For example there is investment risk, inflation rate risk, longevity risk… and of course the risk of an unexpected death.
To help reduce the risk of an unexpected death we can use life insurance, but there are many types of life insurance to choose from, so what type of life insurance is right for your situation?
Although it can be difficult to think about, reducing the risk of an unexpected death is very important to consider when creating a long-term plan. This is especially important in certain circumstances. For example, life insurance is extremely important when there are dependents who need to be provided for in the event of an unexpected death, or when there is a large tax liability that could be triggered by an unexpected death.
In this post we’ll explore the different types of life insurance that are available and some of their important features, but first it’s important to understand the purpose behind life insurance.