• 57: Everything You Need to Know About RESPs

  • Jun 13 2024
  • Length: 49 mins
  • Podcast

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57: Everything You Need to Know About RESPs

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  • Summary

  • A lot of people want to know how to invest in their kids. So, we're diving into the account you need to use, and what to be aware of before you open an RESP in this week's episode of Money Feels!

    We're your hosts, Alyssa and Bridget. Welcome to the podcast, where we talk through our money trauma and create a better understanding of building a healthy relationship with finance.

    In today's episode, we discuss the following?

    • What is the Registered Education Savings Plan (RESP)?
    • What is the purpose of the account, the guidelines and need-to-knows?
    • What grants are available and how do you optimize them?
    • What happens if your child doesn't pursue post-secondary?
    • What type of RESP should you open?
    • The dangers of the group RESP
    • Red flags to watch for when opening an RESP
    • How much do you need for your childs' future education?

    Resources:

    • Toronto Star piece on the Group RESP
    • Predatory Group RESPs

    Thanks for listening to our first episode of a new season! If you want bonus episodes and more, you can join our Patreon! Until then, follow us on Instagram @mixedupmoney, @bridgiecasey and @moneyfeelspodcast, and we’ll see you next time!

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