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LESSON3* Ju ly 1016ParenthoodJoys andResponsibilitiesS ABBATH AFTERNOON Read for This Weeks Study: Ps. 127:3; Prov. 13:24; 23:13, 14; 29:15; Eph. 6:4; Phil. 4:9.Memory Text: [Sons and daughters] are
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Who needs r e s p?
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Anyone who wants to save for their child's education and benefit from government grants and tax advantages should consider opening an r e s p.
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Typically, parents or legal guardians of children who are Canadian residents can open an r e s p on behalf of their child.
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However, it is essential to check the specific eligibility criteria and requirements set by the government or financial institutions offering r e s p plans.
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What is r e s p?
R E S P stands for Registered Education Savings Plan, which is a type of tax-advantaged savings account in Canada designed to help save for a child's post-secondary education.
Who is required to file r e s p?
Parents, guardians, or contributors who are saving for a beneficiary's post-secondary education are required to file R E S P.
How to fill out r e s p?
To fill out an R E S P, you need to provide information about the beneficiary, the contributions being made, and the financial institution where the plan is held. You often need a Social Insurance Number (SIN) for both the contributor and the beneficiary.
What is the purpose of r e s p?
The purpose of R E S P is to encourage saving for a child's education and to provide tax benefits on the growth of the investment within the account.
What information must be reported on r e s p?
Required information includes the contributor's and beneficiary's personal details (like name, SIN), the contributions made, and any government grants received.
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