The RESP (registered college savings plan) is an excellent financial tool for helping your child get a head start in life. The RESP helps you to create a better future for everyone you care about by allowing you to save and develop your money in a tax-free environment while still taking advantage of generous government grants. You can start building a promising future for your closest loved ones today with the Diploma RESP.
How do You Enrol in the Industrial Alliance’s Diploma RESP?
Anyone with an interest in the future of someone close to them, whether it’s their parents, grandparents, godfather, godmother, uncle, aunt, or even a classmate, may participate in an individual Graduation RESP package. The plan subscriber is the individual who signs the contract and makes contributions to the plan, regardless if they are a Canadian citizen or not. As well, a co-subscriber may join the package too.
The Recipient of an Industrial Alliance Diploma RESP
The Diploma RESP (provided by Industrial Alliance), allows you to name someone as the plan beneficiary, including your child, grandchild, nephew, niece, and so on.
There are no limitations on the relationship between the beneficiary and you. The recipient you nominate must however be 14 years of age or under. A child may be appointed by different subscribers as the beneficiary of more than one RESP. However, certain laws must be observed when a recipient already has an RESP, to prevent over-contribution, the plan enables you to change recipients, even after the plan has been developed, you can still adjust the beneficiaries.
Regardless of the new beneficiary’s age, monthly payments will continue until the completion of the initial commitment period. All that is required, is a written notice of the beneficiary adjustment, along with the new beneficiary’s Social Insurance Number.
Have questions about the Diploma RESP (provided by Industrial Alliance), Contact Mike from Platinum Mutual Ltd., an experienced advisor, who can show you how to enroll your children in the Diploma RESP today.
Call Mike at 416-315-8569.