What is the 16 17 rule for RESP?

What is the 16 17 rule for RESP?

RESPs for beneficiaries 16 and 17 years of age can only receive CESG if at least one of the following two conditions is met: a minimum of $2,000 was contributed to (and not withdrawn from) the RESP of the child before the end of the calendar year they turned 15.

When can I withdraw RESP?

You can start withdrawing funds from your RESP for educational purposes as soon as your child has graduated high school and has officially enrolled in a qualifying post-secondary educational institution.

Where do you invest RESP?

You can open an RESP at a bank, a credit union, a mutual fund company, an investment dealer or a group plan dealer. Group plans are offered and administered by organizations that offer group scholarship plans.

What is Mackenzie Investments known for?

Mackenzie Investments, founded in 1967, is a leading Canadian global asset manager, headquartered in Toronto with international investment teams in Boston, Dublin and Hong Kong.

What happens if RESP is not used?

When you close an RESP without using it for your child’s education, you must: Pay taxes on the money the investment has earned. Return any Canada Education Savings Grant money. Note: If a sibling has grant room available, you may be able to use it for their education.

What is the best RESP in Canada?

Best RESP Providers in Canada

1. Wealthsimple RESP. Wealthsimple is Canada’s top robo-advisor with over $15 billion in assets under management.
2. Questwealth RESP. Questrade’s managed investment services, Queswealth Portfolios offer RESP plans.
3. Justwealth RESP.

Can I use RESP to buy a car?

The money will be paid out as educational assistance payments (EAPs), which consist entirely of funds from government grants and the income generated by the money saved in the RESP. They can be used to pay for tuition, textbooks, housing, a car, etc.

What happens to RESP money if not used?

Who owns Mckenzie financial?

Power Corporation of CanadaMackenzie Investments / Parent organization

What type of company is Mackenzie?

Mackenzie Investments

Can you use RESP to buy a car?

Can you lose money in RESP?

The first is that RESPs are no place for risky investments. The second is that, even if you lose money in an RESP, the full amount of the grants is still taxable when you start making withdrawals.

What is the best company to open an RESP?

The best RESP providers we have reviewed in Canada are:

1. Wealthsimple RESP. Wealthsimple is Canada’s top robo-advisor with over $15 billion in assets under management.
2. Questwealth RESP. Questrade’s managed investment services, Queswealth Portfolios offer RESP plans.
3. Justwealth RESP.

Can I use RESP for rent?

Education-related expenses

So if your child needs a car to get to classes, you can use RESP money to pay for it, along with insurance, gas, parking and maintenance. Other eligible expenses may include rent, meals, living expenses, a laptop or tablet, a desk and student fees.

What kind of company is Mackenzie?

Mackenzie Financial Corporation operates as an investment management company. The Company offers asset management, research, portfolio construction, financial planning, and advisory services.

Who founded Mackenzie Financial?

Alex Christ
Mackenzie Investments

Are Mackenzie mutual funds good?

Mackenzie Income Fund Series A was recognized for outstanding fund performance at the 2021 Fundata FundGrade A+ Awards in the Canadian Fixed Income Balanced category out of a total of 289 funds.

What is the best RESP plan in Canada?

So the best RESP plan providers in Canada are:

• Questrade RESP.
• Wealthsimple RESP.
• Justwealth RESP.
• CI Direct Investing RESP.

Can a child have 2 RESP accounts?

You can make more than one contribution at a time, and the amounts do not have to be the same for each child.

Who owns McKenzie financial?

How many employees does Mackenzie have?

How many Employees does Mackenzie Stuart have? Mackenzie Stuart has 175 employees.

Is Mackenzie A Good Investment?