No. It is not. An RESP (Registered Education Savings Plan) is a government program whereby the government, through the CESG…
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HOW MUCH DO I NEED TO CONTRIBUTE TO A GRP?
- FAIRCHOICE Mortgage Co.
There are no hard and fast minimums or maximums. The ideal amount will depend solely on your family budget. While…
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HOW LONG IS THE CONTRIBUTION PERIOD?
- FAIRCHOICE Mortgage Co.
Your GRP Plan will be completely paid up for life, after 20 years of contribution.
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WHICH IS THE BEST WAY TO FUND THIS PLAN?
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Each parent or guardian receives the Canada Child Benefit (from the government) from birth to age 18 for each child.…
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ARE THERE AGE LIMITATIONS FOR OPENING A GRP?
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The GRP plan can be opened once your child is 14 days old. While the benefits are greater for children…
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WHO CAN OPEN A GRP PLAN FOR A CHILD?
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A GRP can be opened by a parent, grand parent, aunt, uncle or legal guardian of the child.
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WHAT ARE THE TAX IMPLICATIONS OF A GRP PLAN?
- FAIRCHOICE Mortgage Co.
All dividends paid into the plan are tax-free. All values accumulate in the plan tax-free. On the death of the insured child,…
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HOW SAFE IS THE PLAN?
- FAIRCHOICE Mortgage Co.
The core of the plan is a Life Insurance policy which is backed by one of Canada’s Largest Insurance companies.…
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WILL I KNOW HOW MUCH THE GRP WILL GROW DURING MY CHILD’S LIFE?
- FAIRCHOICE Mortgage Co.
Yes. You may request a Free Personalized Planning Tool which will give you a complete breakdown of the growth of…
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WHAT IS A FREE PERSONALIZED PLANNING TOOL?
- FAIRCHOICE Mortgage Co.
This is a personalized analysis designed specifically to your child’s age, gender and your chosen contribution amount. It will detail…
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HOW DOES ONE ACCESS THE MONEY IN THE PLAN?
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All cash values in the plan can be accessed by either termination the plan, or by taking what is called…
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HOW CAN I OPEN A GRP PLAN?
- FAIRCHOICE Mortgage Co.
You can easily get started by requesting a Free Personalized Planning Tool. We will connect you with one of our…
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