RESP Explained For BEGINNERS (EVERYTHING YOU NEED TO KNOW)

[@beaviswealth]

📈📚 As always, if you're a beginner to the Stock Market and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/InvestingAcademy. Thanks for watching!

[@diverse_insightt.o6499]

Brandon Beavis Investing can you make a video on non registered accounts I’ve maxed out my rrsp and tfsa, right now it’s in a high interest savings account earning .87% so I’d like to start a non registered account and start building a portfolio, I know that in Ontario if you pay capital gains on dividends there is a dividend tax credit where I’d be able to make 48k a year tax free from dividends. I’m a long term investor and my plan is to max out my registered accounts every year and then the rest goes into a non registered account I hope to be able to be making about 2k per month per account in retirement (22years old ) just collecting the dividends then I’d be able to leave my portfolio as an inheritance

[@abdelmjidseghir8405]

Thanks man. Our first son is almost 3 months old now and we're planning on opening and RESP account for him. Thank you for the explanation. You answered many questions we had. Subbed!

[@kaylastas4867]

Thanks Brandon for all your Canadian geared videos! I’ve been looking for Canadian oriented finance videos for a while since almost all the ones on KZbin are geared towards Americans. Thank you for breaking down all these important finance tips for us Canadians!

[@annemariec1784]

Was discussed to me about this yesterday and wanted to know more about this. Thanks for the info

[@dansplained42]

This is great Brandon. Keeping it simple and opening people’s eyes!

[@gavinfoster2303]

This video helped a lot as I’m applying to Uni and those big words pop up

[@jomarcaspe3443]

How about if the 1st child use up all family resp amout on its schooling. Or is it legal to do that

[@nikhilkalra1530]

Thanks for posting this video Brandon. Quick question for you- if the child decides to study in the states or Europe basically outside Canada what will happen to the principal amount + the free money that chain is supposed to get at the age of 18? Are they still able to get that amount?

[@brycer985]

Thanks Brandon, im opening a RESP for my son today.

[@nekeishaj6769]

Are these grants available to International students?

[@shantomathew87]

Thank you for the explanation Brandon. I was expecting you suggest few particular banks or RESP providers in this video

[@MInd724070]

Any bank will allow you to open RESP

[@TheFlyingE]

Can one use the RESP funds if they study outside of Canada (ex: USA)? Or will they have to pay back the grants and tax?

[@mikid3032]

Could you please advise with what institution we should open this account? Bank? Cts or similar financial institutions? Thank you

[@amritbhattacharya510]

Very informative video! Question - If it's an investment, it is also subjected to losses, right? How can we as parents mitigate that? Thanks!

[@msmintygreen]

Thanks for sharing! Can you do an video on Canadian milennials doing taxes please? With T4, brokerage accounts, RSP, it gets overwhelming.

[@beaviswealth]

I did a video on Taxes in Canada if you haven’t checked that out yet :)

[@okokonodiongenyi3647]

Really useful, Brandon! Q: For newcomers , TFSA contribution room only start when you one arrives Canada; is that the same for RESPs?

[@lisamcewen786]

If you roll an unused RESP to your own RRSP, do you still have to pay tax plus the 20% penalty on the gains?

[@TrottiersFishingTips]

Any idea if your children do not go to school you are able to roll it into your TFSA tax sheltered?

[@taylordnd]

Thanks for the info! I have a question about currencies. Can I contribute USD to the RESP (I'm assuming up to the 50k CAD) or are there weird regulations that would tax me to oblivion or jeapordise the grant money?

[@Untildeath6]

So if your child doesn't want to got to post secondary can u put it into their RRSP instead of your RRSP? Any penalty?

[@MsBoma24]

How do I open the RESP for my kid? Do I use his name or do I open in myquestrade account

[@jordanrbl26]

Hey man, your videos have really helped me out! Thanks for sharing. I was hoping you could help me with a question I have. My sister and I are beneficiaries to a family RESP that my grandparents theft for us. We are both done school and are not planing on going back but there is still money left in the account. Do you recomend that we split the cash and put it in a RRSP? Or is there a way that we could transfer the account into my/mysisters name in order to have control of the account?

[@pavel514mtlQC]

Hey Brandon, which Canadian platform would you recommend for RESP investing if I want to buy stock? Thanks in advance.

[@MansoorAzeem]

How many RESP accounts can you open, i watched your TFSA video you said we can open as many as we want, but what about RESP, is it possible to open one with the bank and other DIY?

[@xo_kryptoknight4147]

Thank you for this thorough and easy to understand video! I wouldn't need to make this account anytime soon but love your videos as always!

[@Dave-bz3lr]

Hi Brandon, Great video ! Can I also open a RESP family account with online brokerages like Questrade and still be eligible for the 20 % CESG grant from Government ? And then can I invest that money including grant money in ETF's ? Also will my RESP account be safe with an online brokerage rather than a Bank ?

[@jasonduster4721]

In your video I notice you mentioned at 5:05 that after $50,000, the grants will stop at $72,000 and not $7200. You wrote the correct number :)

[@beaviswealth]

Noticed that while editing Jason. Big fail 🤷🏻‍♂️

[@DakaraiDada]

Which company is best to open an RESP account with? A regular bank like RBC or Investing companies like Investors Group.?

[@ImVeryBrad]

I use investors group. the 5 year average for the RESP they are managing for me is 7.12%

[@omarfadil1226]

Thanks for this. I just wanna enquire about this : the eventual taxable amount of the government grants ( like you mentioned) and the amount/interest earned you said… so my question is this: there will be some growth in the money you deposited from bank interest, right? And the second question if you don’t mind me asking: is it worth investing that money in the stock market for the kids obviously? Thanks

[@amanpreetsingh7061]

thanks brandon awesome info.

[@ragghul12]

For some reason ur quest trade code isn’t working for me

[@JoshWileyPaintings]

Hey Brandon, loved the video. Great information. Question for you: if you dump say $10,000 in an RESP at once, will you still receive the grant each year to match that amount, or do you have to put it in yearly in $2500 chunks?

[@MikeSaturno]

Great question!

[@JoshWileyPaintings]

So, actually found out the answer myself. You need to put it in in chunks. However- there is a theory whereby putting in a larger chunk to start with and allowing that amount to compound with the market will put you further ahead in the long run. That’s what I decided to do. Especially if you have more than 1 child, you have lots of room before you max out the RESP and having a larger snowball to start the process helps a lot.

[@vkrgfan]

Thank you for your thorough explanation. Is it possible to have RESP in stocks and receive gov grants as well based on your contributions? Or is it only one or another. Also, is there a way to see how much you have contributed, like a balance statement? Thank you!

[@preludefugue4859]

Can I open RESP for myself to go back to university instead for kid?

[@lillyyohannan4120]

My son is 2 year old. And we are planning to start a RESP with IG Wealth Management group. Do you suggest them or RESP with banks?

[@H4WKGAMING]

Hey Brandon! Can you make a video about Halal investing in Canada, and give your thoughts on some of the available options (eg. Wealthsimple Halal, Manzil, etc)? Thanks!

[@kurthacks854]

Great video! One question, how young/old do they have to be to open up an account?

[@madmiky2]

Can you open an RESP before you have kids? I want to open one and I’m planning to have kids in the fiture

[@astritberisha3843]

I dont think so. The child has to actually be born and his/her information is needed to set up the RESP. Also, it doesn't make sense to open a RESP account before a child is born as it does not reflect the child's exact age they can recieve Grant's for.

[@kulkanand]

Very informative!

[@ImVeryBrad]

started ones for my kids when they were born. should have about 60k when they are 18. Not a long in the grand scheme of things but enough for a big leg up

[@jaredlund8305]

Hey Brandon, are you sure the RESP protects against the 15% withholding tax on dividends earned on US equities? I thought the RRSP is the only registered account that protects against the American dividends withholding tax like your Disney example

[@ljPrivate]

Brandon, thanks for sharing on this. Learned a lot details. I am currently putting money into RESP for my son monthly through bank account. I didn’t select invest on anything yet, but I do see interest on top of government grants. So I have a question, is that just a saving account interest or GIC or any default interest? Thanks, James

[@beaviswealth]

From what you've said, James, it's like a savings account. Getting the grant is awesome, so that's a good strategy. Maybe, as your comfort level increases, you could diversify into something with growth potential, but that's up to you. You've taken the first step.... that's most important.

[@goval1234]

Hi Brandon. What is advantaged of and disadvantaged of buying a whole life instead for a child ?

[@benefitnessstudio2702]

I opened up an RESP with questrade. I put in 2500. How do I receive the grant? Is the 500 just added to account eventually?

[@Bigbarry889]

Yes, it will be added to the account most probably between June and October, but you better ask Questrade, they might be able to help you. don't forget to invest the money otherwise it will sit in your account.

[@alstonian78]

I don’t understand the difference between resp and student loan they can borrow later on.

[@yohanaredia618]

Hey what happens if you contribute more then 50000 including your capital gain do you still have that 1% fee

[@khuo0219]

Brandon, how come is it possible for me to receive $700 in the same calendar year? I know there is a limit of CESG of $500 per year based on a $2,500 contribution. But I decided to invest $1,000 in addition in March ($3,500 in total for the year) after I saw the market dip. I was not expecting any more CESG but I received $200 more anyway. Does that mean the government doesn't limit the CESG to $500 per year. So hypothetically if I contribute 50,000 right at the beginning, I can get $7,200 right away? (shouldn't be the case but I don't know how to make sense of what is happening).

[@archglobe3602]

Big thumbs up brother, you answered many questions I had. I'm hitting that subscribe button after I hit send on this comment! 👍🏼👍🏼👍🏼

[@Michael-kv5ff]

If I'm 18 and already in university can I still get the 7200 in grants from the government?

[@seamountain3676]

No. You can't. CESG is till 17 yrs old.

[@sha-e3f]

well explained👏🏻👏🏻

[@InvestingEducation]

Tks for sharin

[@shoaibtanvir-accountingtax827]

Very well explained 😊!!

[@beaviswealth]

Thanks Shoaib

[@healthyaisletoasia]

Hey Brandon, If I am currently in a relationship but not gonna have kids anytime soon. Can I still create RESP?

[@afzalshaikh2128]

I didn’t know you could earn back the grants you missed out on. Thanks 🙏

[@duffettmatt]

Will the government provide the max yearly grant up to $7,200 if you place 50K in the account in year 1?

[@NicksTaxes]

New intro music 😱 I like it

[@chrisjones9041]

can you do capital gain tax and how to file capital gain taxes 💕

[@beaviswealth]

I did a video on Taxes in Canada Chris. Not sure if you’ve seen it but that could be a great start

[@redone5823]

Thanks for this amazing video Brandon! I have an RESP account for both of my kids but didn't know all these details. Hey buddy, can you make a video on Webull? I'm hearing about it for some time, but there is not a lot of content in Canada, I wonder why since it's commission-free and available for Canadians.

[@beaviswealth]

Thanks Red one. I don’t like webull because they are insanely pushy about their platform. They’re borderline spamming me to promote them.. That said, I should Give them a try and see what their platform has to offer before judging

[@Ab-he2wr]

Hi, can a married person like me with no kids open an RESP for my future kids?

[@tomv2302]

I heard the answer to this question in another video from "canadian in a t-shirt". He stated that when your child is born , only then you can open your account. go check it out

[@tomv2302]

because you will need your future child's SIN number (social insurance number) as the recipient. you will receive that number after you get your birth certificate and apply for "baby bonus" (99% sure )

[@wilsonchiu8344]

A bank advisor told me that if my child's RESP account is receiving grants from the government, I cannot use the money in the account to invests in stocks, otherwise, I will stop receiving the grant. Is that true?

[@ahmadshakhsheer9802]

Hey, Brandon thanks for the great video. Would you recommend the CSC for a third-year student at university? I'm graduating in a year and a half from now, but I was thinking of taking this course to help me get a job and get experience in the investment world. Would really appreciate your advice regarding this matter.

[@beaviswealth]

I did a video on the CSC if you want to search it up on the channel :)

[@LucianoClassicalGuitar]

Damn...my parents never planned for this!

[@adventistlondon]

Please do a RDSP (registered disability savings plan) video. Cheers!

[@davidduran8471]

Hey Brandon! I had a strategy call set up through your Investing Academy link and I didn't receive a call. 😕 I really want to be part of the academy and learn. Any help would be appreciated!

[@beaviswealth]

Hey David! We tried giving you a call but it went straight to voicemail. We can try again :)

[@christinalounsbury4747]

Stupid question 😂 I don't have children but wanna put away an "RESP" for my 2 niece's. Can I do that ? Or a different investment for them ?

[@yazis5051]

Hey Brabdon, Thanks for your videos! Can you please make a video on bitcoin long/short term trading ?

[@nerdwithalispg8711]

isn't it a savings account

[@letsbecomebillionaires-bks3975]

I’ve never heard of this.... might be due to being on the other side of the border. Still enjoyed this tho because I know the United States has similar products for college funds

[@binhanphan5834]

Nice video! ^_^

[@JDJDJDJDJDJDJDJDJDJD]

Ahahaha, you made me laught with the RESP song 😂😂

[@Jpoorsis]

RESPECT was good :)))

[@foolishcreations2259]

Even though I don’t plan to get the fiancé Preggo my ego still had to watch 😂

[@beaviswealth]

🤣 accidents happen

[@debuliz]

What if the child chooses to go studying in another country?

[@shawnsheehan2596]

Super distracted by your fish ... this might not be the right path for me ...