Definitions
It is a saving plan for children's post-secondary education
What is RESP?
Any child with a SIN number
Who can apply for RESP?
It is the amount of many you earn in a year.
What is "annual income"?
It is a saving plan for residents and citizens to save tax-free money for their retirement until withdrawal.
What is RRSP?
Any child under 17 years old who opens an RESP.
Who is eligible for Canada Education Savings Grant?
It is to use an amount of money in the expectation of some benefit in the future through a bank or a business.
What is "investment"?
A person who gives money or other help to a person or cause
What is a benefactor?
Children of low-income families with an annual income less than $95,259.
Who is eligible for Canada's Learning Bond?
It is reducing a person's tax by lowering his taxable income.
What is "tax deduction"?
It is the tax that is put off as you earn money through your investments in RESPs and RRSPs as you don't pay income tax as long as the money remains in your plan.
What is deferred income tax?
It is offered by the employer’s financial organization on behalf of its employees as he arranges for payroll deductions.
Who applies for Group RRSP?
It is the total amount of tax debt owed by an individual or corporation to CRA.
What is "tax liability"?