RESPs, or Registered Education Savings Plans, facilitate tax-free growth for educational expenses. Withdrawn funds incur minimal or no tax, benefiting students with lower tax liabilities when utilizing the savings for university, college, or vocational education.
Grandparents, despite their love for grandchildren, sometimes express it through excessive material gifts, causing frustration. The challenge lies in finding a balance that aligns with the family’s values and needs.
The Tax-Free Savings Account (TFSA) is a registered savings account enabling tax-free investment income growth. Contributions aren’t tax-deductible, and withdrawals of contributions and earnings remain tax-free.
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