A Registered Education Savings Plan (RESP) is a tax-advantaged investment account designed to help parents and guardians save for a child’s post-secondary education in Canada. It allows contributions to grow tax-free and provides access to government grants, making it a powerful savings tool.
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Interactive Brokers General Investment Account Review: Excellent low-cost investing and trading Account: Interactive Brokers General Investment Account Description: Interactive Brokers’ (IBKR's) GIA is aimed at sophisticated investors, and offers access to derivatives, options, and futures. The platform is one of the cheapest across all asset classes. Capital is at risk. Is IBKR's GIA a Good Account? IBKR’s GIA is its “universal account” that lets you invest in all asset classes via shares, CFDs, futures, options or funds. The account is excellent for sophisticated investors who want to manage their own portfolios with complex order types. It’s ideal for active investors who need access to a wider range of investment products like derivatives, options, and futures. IBKR is also one of the cheapest investment platforms across all asset classes, as it was built on offering electronic discount brokerage. Fees There is no account charge for general investment accounts at IBKR. When you buy and sell shares minimum dealing commissions are £1 in the UK or 0.05% of the deal size. Special Offers IBKR clients can earn $200 for each qualified referral while giving their friend the opportunity to earn up to $1000 of IBKR stock. What is IBKR’s Platform Like to Use? The investment platform is a slimmed-down version of its exceptional desktop trader station. For investing it gives you a good overview of shares and funds.
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Moomoo Canada is a self-directed trading platform that lets investors trade US and Canadian stocks, ETFs, and US options through its mobile and desktop apps.
Moomoo Review: A nod to bullish trading and investing Provider: Moomoo Verdict: Moomoo is an online trading and investing platform developed by Futu Holdings, a technology-driven brokerage firm based in Hong Kong. Moomoo offers a range of long term investment products like fractional stocks and ETFs as well as speculative options and margin trading. Is Moomoo any good? Moomoo is available in Canada, Australian Singapore and the US and has a robust platform that caters to both retail and more sophisticated traders. Compared to platforms like Robinhood and Webull it’s got better data, DMA and global market access. However, for active traders it’s not as institutional grade as Interactive Brokers or more established platforms like TD Ameritrade’s thinkorswim. There are a few key features to Moomoo like real-time market data and advanced charting where you can trade DMA, with good technical indicators for advanced traders. There is also a good demo trading account so you can practice before you deposit real funds. You can also make a automatic buy sell order on Moomoo with OCO stop and limit orders for effective risk management of positions. We consider Moomoo a safe trading platform as they are regulated by the SEC in the US, the MAS in Singapore and ASIC in Australia. Pros
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Wealthsimple lets you trade stocks and ETFs commission-free. *Plus get a $25 cash bonus when you open your first account through this page and fund at least $1 within 30 days.
Wealthsimple Expert Review: Simple, Low-Cost Investing for Canadian InvestorsProvider: Wealthsimple Verdict: Wealthsimple is a popular Canadian investing platform offering commission-free trading on stocks and ETFs, an intuitive mobile app, and fractional shares. However, foreign exchange fees and limited advanced trading tools may frustrate experienced investors. Is Wealthsimple a good way to invest? Yes, we rate Wealthsimple as a good way to invest for beginner investors looking for a simple, low-cost way to buy and hold stocks or ETFs, rather than active traders who require sophisticated tools. Wealthsimple’s DIY brokerage designed for investors who want to buy and sell their own stocks and ETFs. How much does Wealthsimple cost? There is also no minimum deposit or annual account fee, which lowers the barrier for first-time investors. Canadian stocks, options and ETFs can be traded commission free, making it one of the lowest-cost ways for Canadians to build a portfolio. However, “free trading” comes with a caveat. When trading US stocks, Wealthsimple charges around 1.5% currency conversion each time funds are exchanged between CAD and USD, which can add up if you frequently trade American stocks. This is quite high compared to IBKR’s 0.02%. What can you trade on Wealthsimple? Wealthsimple lets you trade over 14,000 stocks, ETFs, options as well as fractional shares, allowing investors to buy portions of expensive companies rather than whole shares. This makes it particularly appealing to investors who contribute small amounts regularly. Is it easy to use? Wealthsimple is primarily mobile-first, with a clean interface designed for simplicity rather than professional-grade analysis. While this makes the app easy to use, more advanced traders may find the research tools and order types limited compared with full-service brokerages. Is Wealthsimple safe? For safety, in Canada Wealthsimple is a member of CIRO and customer accounts are protected by the Canadian Investor Protection Fund (CIPF) within specified limits. Pros
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How RESPs Work
RESPs are opened by a “subscriber” (typically a parent or guardian) for a “beneficiary” (the child). Contributions can be made up to a lifetime maximum of $50,000 per child, though they are not tax-deductible. Investments within the RESP, such as mutual funds, stocks, and GICs, grow tax-free.
When the child enrolls in post-secondary education, they can withdraw funds as Educational Assistance Payments (EAPs). These payments consist of investment earnings and government grants, which are taxed in the hands of the student—often at a low or zero tax rate due to their limited income.
Government Grants and Benefits
One of the biggest advantages of an RESP is access to government incentives, such as:
- Canada Education Savings Grant (CESG): Matches 20% of annual contributions up to $2,500, with a maximum grant of $7,200 per child.
- Canada Learning Bond (CLB): Provides up to $2,000 for low-income families, even without contributions.
- Provincial Grants: Some provinces offer additional grants, such as the Quebec Education Savings Incentive (QESI).
Types of RESPs
- Individual Plan: For one beneficiary, flexible in terms of contributions and withdrawals.
- Family Plan: Allows multiple beneficiaries, ideal for families with more than one child.
- Group Plan: Managed by financial institutions with structured contribution schedules.
Key Considerations
- If the child doesn’t pursue post-secondary education, options include transferring up to $50,000 to an RRSP, withdrawing funds with a penalty, or designating another beneficiary.
- The RESP must be closed by 35 years after opening.
By starting early and maximizing contributions, an RESP can significantly ease the financial burden of education.