Twitter Parties are fun and you may actually learn something new and win great prizes while participating. The RBC #RESPwithRBC Twitter party just last night was very entertaining and there was a lot of great information discussed about RESPs.
I personally learned a few new things about RESPs. Like the fact that relatives can give the gift of knowledge via RESP Gift Cheques at birthdays and special occasions. I had no idea there was such a thing. I love that you can actually help contribute to somebody’s RESP and make sure the money will go directly to the RESP account when purchasing a RESP Gift Cheque.
I also learned that if one of my children decided not to pursue a post-secondary education his account could remain open for up to 36 years, and upon cancellation, you could transfer the money to a sibling or rollover to your own RRSP account. So you don’t need to worry about where the money will go if not used for school.
Have you had a chance to open your child’s RESP account? Remember it is super easy to set up and you are investing in their future. You can ask questions and learn more about RESPs at your local RBC branch. Sign up to learn more about RBC RESPs here.
And don’t forget to enter the “Grow your RESP with RBC” contest through RBC. Participants will have a chance to win 1 of 4 prizes of $500 to out towards their own RESP. Good Luck all!
Disclosure: I am part of the RBC RESP Campaign with Influence Central and I receive special perks as part of my affiliation with this group. The opinions on this blog are my own.