Book Review: The RESP Book by Mike Holman
Not only is Mike Holman an amazing writer, but he was one of the bloggers I really looked up to when I first started my personal finance journey. And now, years later, I couldn’t be more excited to review his new book, The Complete Guide to Registered Education Savings Plans for Canadians.
Mike makes learning about RESPs so easy. Unlike a lot of other financial guides which are dry and hard to understand, he writes in a clear, straight forward manner. This book is a fantastic guide for anyone interested in learning more about RESPs.
Here are the main points about RESPs that I took away from his book:
- The government matches 20% of every dollar you invest into the RESP, up to a maximum of $500 per year, or $7,200 over the life of the RESP.
- Lower income families are eligible to receive more money from the government (!!!)
- Money contributed to an RESP can be pulled out regardless of whether the beneficiary student is attending post secondary school – with no withdrawal limits or restrictions.
- RESPs can also be used for trade schools – such as esthiology, culinary arts, massage, and many foreign educational institutions.
- The person who sets up the RESP and contributes to it calls all the shots – from what to invest in to when and how much to take out. The beneficiary has no claim to the money.
I have never done any research into RESPs before reading this book because I don’t have a kid, nor am I planning on having a kid anytime soon. After reading this book, I feel like I know enough about RESPs to invest in them if I wanted to – and I do think that they are an excellent idea and a great way for the government to help invest in your child’s future.
(As a side note, I have always known that I want my future children to pay for their own education. Therefore, while the RESP is a great investment for those that believe in helping out their child in this way, I will most likely not be utilizing it.)
Book Giveaway!
Want to own your very own copy of The Complete Guide to Registered Education Savings Plans for Canadians? Well here’s your chance! Mike has generously offered to provide a free copy to one lucky GMBMFB reader.
Here’s how to enter:
- ONE ENTRY: Comment on this blog entry. That’s it! Simple and straightforward
- ONE ENTRY: Tweet about the contest, linking back to this blog post (leave a comment on this blog entry to let me know you’ve tweeted)
- Winner will be chosen by Random.org
- Anonymous commenters please leave your e-mail address or your entry will not count
- Contest closes November 26, 2010 at midnight PST
- Open to Canadian addresses only
72 Responses to “Book Review: The RESP Book by Mike Holman”
Author comments are in a darker gray color for you to easily identify the posts in the comments
Leave a Reply
As seen in…
Recent Comments
Categories
- annual goals (24)
- banking (27)
- blog (192)
- budget (96)
- car (41)
- contest (26)
- credit card (20)
- credit score (10)
- debt (28)
- design business (37)
- down payment (28)
- education (15)
- EI (16)
- emergency fund (18)
- entertainment (194)
- fitness (165)
- guest post (19)
- health care (56)
- housing (59)
- investing (43)
- job (301)
- making money (55)
- miscellaneous (308)
- monthly challenge (52)
- monthly goals (118)
- motivation (38)
- property (43)
- recipes and food (27)
- relationship (121)
- retirement (30)
- saving money (179)
- scooter (24)
- spending (447)
- sponsored post (10)
- tax refund (23)
- travel (313)
- vlog (2)
- weekly spending recap (93)
sounds very good ! I have 2 daughters, and I am contributing to their RESPs to give them a bit of help, and also take advantage of this investment…
Already contributing a family RESP but I'd love to have some pointers on what to do and not to do from Mike.
Already contributing a family RESP but I'd love to have some pointers on what to do and not to do from Mike.
I need this book! :) I have four boys and while I do expect them to pay most of their education costs, we want to help if we can. We also receive money from grandparents that might be better served in an RESP than in a bond, so I'd love to have more guidance in what to do. Thanks! Hope I win.
I need this book! :) I have four boys and while I do expect them to pay most of their education costs, we want to help if we can. We also receive money from grandparents that might be better served in an RESP than in a bond, so I'd love to have more guidance in what to do. Thanks! Hope I win.
I’d love to win this book! DH and I have jointly set up an RESP for our first grandchild (his parents have been thinking about it for a year, but haven’t done it yet – and money they set aside seems to have mysteriously disappeared). Knowing that more grandchildren are likely, we would really like some common-sense guidance rather than the ‘shot in the dark’ approach we used for DGS.
I’d love to win this book! DH and I have jointly set up an RESP for our first grandchild (his parents have been thinking about it for a year, but haven’t done it yet – and money they set aside seems to have mysteriously disappeared). Knowing that more grandchildren are likely, we would really like some common-sense guidance rather than the ‘shot in the dark’ approach we used for DGS.
Would love to see an article on whether RESP is better than a self-directed RRSP in terms of greater tax benefits?
Would love to see an article on whether RESP is better than a self-directed RRSP in terms of greater tax benefits?
This book sounds like a great “de-mystifier”. I would love to win a copy. It’s great to have Canadian books about our specific circumstances. I plan to help my (currently unborn) kids with school-not foot the whole bill, but give them a boost. My parents did this for me, and I really appreciated it. I still saved like crazy from jobs in high school,and worked part
time during university, but I definitely would have
had loans without the help of mom and dad. I
also figure it makes sense to take advantage of
free money from the government!
This book sounds like a great “de-mystifier”. I would love to win a copy. It’s great to have Canadian books about our specific circumstances. I plan to help my (currently unborn) kids with school-not foot the whole bill, but give them a boost. My parents did this for me, and I really appreciated it. I still saved like crazy from jobs in high school,and worked part
time during university, but I definitely would have
had loans without the help of mom and dad. I
also figure it makes sense to take advantage of
free money from the government!
Seriously I need this book so badly!! I just don't understand everything about these savings plans and this will help a lot. Thank you for the opportunity.
Seriously I need this book so badly!! I just don't understand everything about these savings plans and this will help a lot. Thank you for the opportunity.
who won the book?
Whoops, I forgot to announce it didn't I? Miranda won it, and it was shipped off to her at the end of November. :)
who won the book?
Whoops, I forgot to announce it didn't I? Miranda won it, and it was shipped off to her at the end of November. :)
[...] Book Review: The RESP Book by Mike Holman [...]