| Author | Message | ||
     Kubang Yavvanam Kaatesina Bewarse Username: Kubang Post Number: 8385 Registered: 09-2011 Posted From: 161.141.1.1 Rating: N/A |
ikkada RESP ani program vundi. per kid if you contribute 2,500/yr govt will give you $500/yr subject to a maximum govt grant per kid $7,200 you have total control on investments. when you withdraw the govt grant and associated appreciation part from the total fund, it will be issued on kid's name; so you don't pay income tax. when you withdraw your contribution and associated capital appreciation part, it will be issued on contributor name, tax free. because you contributed after tax money in the first place. I am contributing for the past 16 years. either kid can use from it once you set it up as family plan. Ignorance is bliss |