Is the RESP really only for the Rich? Stats Canada has a troubling report that seems to suggest that is actually the case. Most banks will not market this to a lower income family, so they are unaware of the Canada Learning Bond.
An RESP seems like a no-brainer in terms of saving for parents, but if you haven’t paid off your own debt (or student loans) does it make sense? Hold on don’t forget about the Canada Learning Bond.
The Canada Learning Bond is an important part of the RESP program, however, it is limited to lower income families.
The Canada Learning Bond is an important part of the RESP. Low income families can still take advantage of the RESP even if they cannot deposit any money.
Not only University but many post-secondary training programs might be affordable if you open an RESP for your child early.