Our last two posts were all about RESPs - everything you need to know and some very useful funding strategies that are difficult to find elsewhere. With this post, I wanted to switch gears and dive into something I've been thinking about for quite a while. I've been hearing for years about doctors' reputations for being "bad with money". Whether…
We learned all about RESPs in our last post. Now comes the fun part: what is the best way to save in an RESP?First, a quick review of the basic RESP rules.RESP rules - the quick and dirtyRESP contributions are made with after-tax dollars - i.e. unlike RRSPs, there is no tax deduction for RESP contributionsThe government will top-up contributions…
Having children means planning for their future. Aside from being raised in a loving and supportive environment, one of the best things we can do for our children’s long-term success is to give them the means to access the educational paths they will need. Since the federal government changed the rules around professional corporations in 2018, essentially disallowing dividends to…