Monday, March 26, 2012

The RESP Book by Mike Holman

Mike Holman has produced a very useful handbook that explains the intricacies of Registered Education Savings Plans (RESPs). From how much money can be invested into an RESP, to how much grant money an account can receive from the Government of Canada, to excellent tax advice on how to withdraw money once the RESP beneficiary enrols in a post-secondary institution. What happens if the beneficiary decides not to have a post-secondary education? This book clearly explains the consequences of this scenario, while offering good advice on how to minimize your tax bill and any penalties.

This easy-to-read book should be studied by anyone who wants to open up a RESP for a child, young relative or family friend. Its practical advice (which can easily be digested in an afternoon) provides great tips that can be used for the entire life of an RESP account.

4 out of 5 stars