Page 20 - Shalom Toronto Lifestyle Passover 2020

More about Registered Educati0n Plans
Since 1965, Knowledge First Financial has 3.Knowledge First Foundation (wholly-owned subsidiary of
the Knowledge First Foundation). Not-for-profit ownership makes us different than other RESP providers. Ownership by a not-for-profit allows us to reinvest our net revenues into initiatives that support students. For example, since 1965 the Foundation has provided students with over $50 million in additional discretionary top-up payments and has awarded more than $1 million in post-graduate scholarship.
4. Our combined payout to subscribers and students is over $6.6 billion.
5. EAP (Education Assistance Payment) eligibility – In Canada, eligible post-secondary programs can be full or part-time with a minimum of 3 consecutive weeks, including at least 10 hours of study time per week – Outside of Canada, eligible post-secondary programs can be full-time at a university, college or other educational institution with a duration of at least 13 weeks.
It’s no secret – education opens doors, broadens horizons and enriches lives. People who have obtained an apprenticeship, college diploma or university degree have more career options, enjoy higher job security, and earn much more than those with only a high school education.
With rising tuition fees and living expenses, it is important that students have the financial means to complete their post- secondary education and graduate with as little debt as possible.
consistently delivered the financial returns
families rely on to help their children pursue their dreams. With $6.4 billion in assets under management today, as the largest RESP provider we continue to serve the savings needs of Canadians.
We believe you can’t be too careful when it comes to planning for your child’s future. That’s why we take a conservative approach to protect your education savings and a diversified one that includes carefully selected equities for potentially higher returns.
Our investment strategy is focused on providing steady growth over the long term. Your contributions, along with government grants and the income earned on both, are invested mainly in Canadian fixed-income securities such as federal, provincial and municipal bonds, as well as investment-grade corporate bonds. A portion may also be invested in Canadian and U.S. equities or exchange-traded funds (ETFs), which have the potential to generate dividend income and capital gains.
1. RESPs allow you to earn tax-deferred income. That means you pay no tax on the money your savings earn, as long as it remains in your RESP. Income earned in your plan goes directly to your child’s education assistance payments; on a student’s income, there will be little or no tax to pay.
2.Only an RESP is eligible for government grants, making it the best way to save for post-secondary education. When you register your education savings plan you can receive the Canada Education Savings Grant (CESG), which could amount to as much as $7,200 over the lifetime of your plan. The Canada Learning Bond (up to $2,000 if eligible, BCTESG (BC), SAGES (Saskatchewan) and QESI (Quebec) may enhance the value of your RESP even further. (Depends on your province of residence and financial circumstances).
Frank Rosenberg is a Sales Representative with Knowledge First Financial, servicing Ontario for 24 years. His expertise, product knowledge and dedication has helped thousands of Canadians save for their children’s and grandchildren’s future education.
For more information call 416-633-7919 ext. 12 or email at frank.rosenberg@kff.ca
Page 20 SHALOM TORONTO Passover 2020