No money to contribute to your kids’ RESP? No problem! If you have Children born after Dec 31, 2003 and making $38,832 or less (family annual net income), and have been receiving National child benefit supplement as part of the Canada child tax benefit(family allowance), just by open up an RESP account(even with zero money in it), Government of Canada will help you to start your education saving by contributing $500 plus $25 to cover the cost of opening the account in initial year, and $100 each of the following year up to age of 15, that’s $2000 of free money! The bond can be used to pay for full time or part time studies in apprenticeship program, a CEGEP, trade school, college or university.
Click on the link to see where you can open up and RESP account:
http://www.hrsdc.gc.ca/eng/learning/education_savings/publicsection/new_promoter_list.shtml
Next I will explain why you should try to open up a self-direct RESP account rather than a group RESP account.
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