Hyde Park Oakridge Villager September 2024

Join us This money must be returned to the Government of Canada. Since the grants are paid to encourage higher education, they must be repaid if they are not used for that purpose. Investment growth - Unit 7 This portion, when withdrawn, is known as an Accumulated Income Payment (AIP) and is taxable at your marginal tax rate plus an additional 20% tax. The additional 20% tax can potentially be avoided by transferring up to $50,000 AIP from the RESP to your Registered Retirement Savings Plan with available contribution room with no immediate tax consequence. More information on this transfer is available on the Government of Canada website. Additional considerations An RESP can remain open for a total of 36 years for a child who may decide to pursue a program of interest in the future. What happens to your RESP if your child doesn’t go to school? Many Canadians contribute to a Registered Education Savings Plan (RESP) to cover costs related to their child’s/grandchild’s post-secondary education. But what happens to the money inside an RESP if a child (beneficiary) chooses not to pursue a qualifying educa- tion program? What if a beneficiary doesn’t pursue postsecondary education? The money in an RESP comes from three different sources, which are each treated differently upon withdrawal. If a child doesn’t attend a qualifying education program, money can be withdrawn from an RESP as follows: Contributions Contributions can be withdrawn with no tax consequence. Since RESP contributions are not tax deductible, there are no taxes owing when they are withdrawn. Canada Education Savings Grant (CESG) In a family RESP, it may be possible to transfer RESP con- tributions and grants to another beneficiary. If one beneficiary doesn’t withdraw their government grants, the grants may

EdwardJones ® Besides college and university studies, there are many qualifying programs, such as trade schools, hair stylist programs, CEGEPs (Quebec) and other institutions certified by the Minister of Employment and Social Development. For a complete list of qualifying educational institutions, visit the Government of Canada website. Join us RESPs are great vehicles for education savings, but keep in mind that an RESP is simply an account – not an investment and not a comprehensive education planning strategy. Talk to your Edward Jones advisor about your education savings and withdrawal strategy. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. potentially be transferred to another beneficiary, provided the $7,200 CESG lifetime limit is not exceeded. Any excess amount must be repaid to the government. Original contributions made in one beneficiary’s name can be re-allocated to remaining beneficiaries, even if it results in more than $50,000 contributed for a single beneficiary.

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EdwardJones ®

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Coffee Club To help jump-start your day, join us for a cup of coffee and conversation at our next Coffee Club. The Coffee Club is an informal gathering to discuss current events, the economy and investing, in a relaxed, informal setting, and is a great way to get to know one another.

� � Edward Jones Coffee Club Join us for coffee, snacks and conversation at our next Coffee Club! Event Details October 29th, 2022 9:30am - 11:00am

November 26th, 2022 9:30am - 11:00am

Saturday September 28, 9:30 - 11:00am 1634 Hyde Park Rd., Unit 7

> edwardjone December 10th, 2022 9:30am - 11:00am Edward Jones 1637 Hyde Park Rd. Unit 7 (SW corner of plaza near co London, ON N6H SL7

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Contact me today to register!

Event Details

We hope you and a guest will join us. Please call Rachel or Linda at 519-474-9356 or email rachel.mccauley@edwardjones.com or linda.skally@edwardjones.com by the Tuesday prior to Coffee Club. Please call 519-474-9356 or email rachel.mccauley@edwardjones.com Tuesday prior to Coffee Club. October 29th, 2022 9:30am - 11:00am November 26th, 2022 9:30am - 11:00am

December 10th, 2022 9:30am - 11:00am Edward Jones

> edwardjones.ca

Contact me today to register!

1637 Hyde Park Rd. Unit 7 (SW corner of plaza near construction) London, ON N6H SL7

Coffee & Snacks are on us.

We hope you and a guest will join us. Please call Rachel or Linda at 519-474-9356 or email rachel.mccauley@edwardjones.com or linda.skally@edwardjones.com by the Tuesday prior to Coffee Club.

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Rachel B McCauley Financial Advisor 1634 Hyde Park Rd. London, ON N6H 5L7 519-474-9356

Coffee & Snacks are on us.

- Unit 7

Rachel B McCauley Financial Advisor 1634 Hyde Park Rd. London, ON N6H 5L7 519-474-9356

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See reverse for important disclosures.

Take control of your legacy.

Intergenerational Planning Business Owner Strategies Wealth Strategies Intergenerational Planning Business Owner Strategies Wealth Strategies

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Intergenerational Planning Business Owner Strategies Wealth Strategies Intergenerational Planning Business Owner Strategies Wealth Strategies Let's talk Let's talk • • •

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Let's talk Rachel B McCauley, FA ,CEA Financial Advisor 1634 Hyde Park Rd. Unit 7 London, ON N5H 5L7 519-474-9356

Rachel B McCauley , DFSA™ Financial Advisor 1634 Hyde Park Rd. Unit 7 London, ON N6H 5L7 519-474-9356 Rachel B McCauley , DFSA™ Financial Advisor 1634 Hyde Park Rd. Unit 7 London, ON N6H 5L7 519-474-9356 www.edwardjones.ca/rachel-mccauley rachel.mccauley@edwardjoens.com www.edwardjones.ca/rachel-mccauley rachel.mccauley@edwardjoens.com Rachel B McCauley , DFSA™ Financial Advisor 1634 Hyde Park Rd. Unit 7 London, ON N6H 5L7 519-474-9356 rachel.mccauley@edwardjones.com www.edwardjones.ca/rachel-mccauley Let's talk Rachel B McCauley , DFSA™ Financial Advisor 1634 Hyde Park Rd. Unit 7 London, ON N6H 5L7 519-474-9356

www.edwardjones.ca/rachel-mccauley rachel.mccauley@edwardjoens.com

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Hyde Park – Oakridge Villager • September 2024 • Page 9 MKT-14371-C-AD MKT-14371-C-AD

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