VIDEO · 12 DECEMBER 2019

Chapter 5: Families (Video)

Crowe Soberman LLP

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Our annual Tax Tips Guide is here to assist you in your tax planning, presenting some quick ideas and strategies for you to consider.

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Silvia Jacinto, BComm, MTax

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If you have young children

Save for your child or grandchild's education with a Registered Education Savings Plan (RESP)

An RESP is a trust arrangement that earns tax-free income to be used to fund the cost of a child or grandchild's post-secondary education. Contributions to an RESP are not deductible for tax purposes and withdrawals of capital from the RESP are not taxed. The beneficiary is taxed on the income portion when withdrawn from the RESP for the purpose of funding his or her post-secondary education. While at school, the child or grandchild tends to have relatively low sources of other income, and, as a result, the income is usually taxed at lower rates, if at all.

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