Children\’s Education Funds, Inc. Is dedicated to helping parents raise the money they need to put their children through university.
More information: Get The Most For Your RESP Fund And Education Dollars With CEFI!
The Registered Education Savings Plan, also known as the RESP has been the main government effort to help parents ensure that their children are prepared for post-secondary education, and Children\’s Education Funds, Inc. (CEFI) has been dedicated to helping parents choose the right investment strategies and tools for years.
In fact, CEFI has had the highest EAP payout 16 years in a row.
The RESP, or in French the REEE Canada works in an ingenious way to help a family build education savings for their children. The money that you pay into the plan is not tax deductible, but the money made from earnings is tax free until it is used.
And at the time it is used, it is applied towards the student\’s taxes, and not the taxes of the people who had originally paid into the plan. Since students generally make very low amounts of money and have other tax options, the money often ends up being either completely or nearly tax free – but this will depend on the individual circumstances of each person.
The biggest advantage is the taxes are only paid when the money is drawn out – the rest of the money continues to earn as before.
The program also enables you to qualify for a RESP Government grant – this includes the CESG, or Canada Education Savings Grant and the CLB, the Canadian Learning Bond. There are many other local grants and bonds within the system as well, like the Alberta Centennial Education Savings and the Quebec Education Savings Incentive.
CEFI knows the laws, grants and other benefits that you qualify for, whether they are from local governments or the federal government. These grants and learning bonds can make a big difference in the total amount available to your child once they become old enough to use the fund, and they can only be accessed by children who have an RESP or a REEE.
The RESP Rules can get confusing – CEFI is here to help, and we have a wealth of information on our website about this useful tool. Don\’t worry about the paperwork – we take care of all of that.
And, don\’t worry if your child decides to go to an unconventional route – the plan does not just cover universities, but also covers part time education, and even covers full time education outside Canada.
It can also include apprenticeships, CEGEPS, trade and technical schools, and other institutions which are properly certified. RESP accounts can remain open for 36 years, so there is plenty of time to go back for further education.
CEFI is dedicated to helping you get the most from your education dollars, with excellent investment plans and advice, excellent customer service and your ability to view your RESP any time, day or night through our unique website – just log in, and check the status of your plan as often as you wish.
If all the money is not used it can also be transferred to a retirement plan or to the education plan of another sibling, but there are strict guidelines about how and when this can be done.
Unused money can also be drawn out – the CESG grant and Canada Learning Bond money would be returned, and taxes would be paid as normal (this is the same as REEE subventions and SCEE in the French language).
For more information, and to find REEE calculators and a RESP Calculator call CEFI now – 800-246-1203. Let us help you make sure your child\’s education will be there when they need it!
For more information please visit http://www.cefi.ca/en
Further information: Get The Most For Your RESP Fund And Education Dollars With CEFI! – visit www.cefi.ca