J.Brady Grygrowski’s Post

Is your child entering post-secondary education this fall? If so, you’re probably ready to start using funds saved in an RESP. Having a strategy for RESP withdrawals can save you money. Consider: ● Withdrawing in a way that minimizes taxes ● Timing withdrawals to align with tuition payments What’s your plan for using your child’s RESP? Share your approach in the comments! #EducationSavings #RESPTips

When it comes to securing your children’s future, is an RESP really the best option for your family? The first question that you should consider is, why do you want to save money for your children? Is it to help them pay for school or is it to help them to grow, become independent and successful in life? If it is the latter, then we must evaluate whether giving your children money for school is the best way to accomplish that. RESPs come with advantages such as a government grant: 20% up to $2,500/yr (max grant $7,200/child) and tax free compounding. However, we urge you to consider the disadvantages of putting your money into an RESP: 🔹 Market risk 🔹 Government risk 🔹 Possible loss of future grants and scholarships 🔹 Saving to spend account 🔹 Limited use 🔹 No velocity of money 🔹 Taxable on withdrawal 🔹 No control 🔹 Lose advantages if children do not go to a designated school ➡️ This Wednesday, we will introduce an option that not only builds money over time but also offers lifelong coverage, tax advantages and a guaranteed payout, ensuring your children’s financial security no matter what their future holds.

What are JISA’s and how do they work? Junior ISAs are a great way to save in a tax-free environment for your children. ·        Must be opened by a parent/guardian ·        Anyone can contribute ·        Not subject to income tax/capital gains tax ·        Contribution = up to £9k/year per child (for 2024/2025 tax year) ·        Remove money from your own estate to reduce your IHT liability ·        Locked away until your children turn 18 What a great way for your child to start their adult life, knowing that they have some money set aside. They can continue to invest into an adult ISA when the turn 18 or perhaps they could use some of it to fund further education or a first car. What would you have done at 18?

Your tax credit contributions are key to students across Georgia who depend on this funding for tuition payments, books/supplies, housing, transportation, etc.    The map below shows where these students are attending school, and the list is as diverse as the young adults receiving help. To learn how you can contribute at no cost visit fosteringsuccessact.org #fosteringsuccessact #fosterchildren #fostercare #georgianonprofits #youthempowerment #socialimpact #supportfosteryouth 

The earlier you start, the more you save! Investing in a 529 Plan when your child is young means more time for your money to grow. Start today and give your child the gift of education tomorrow. #StartEarly #529Plan

Starting January 2025, the government will introduce a 20% VAT on private school fees. While this change aims to raise funding for new teachers, we understand it will impact many families. #SchoolFees #booksandbusiness #bookkeepingtips #booksandbusiness

Tuition payments are right around the corner. Couple of things to remember: 1. You can have your 529 pay the institution directly - just don't wait for the last minute. 2. You can have your 529 reimburse you for your boarding, tuition and other misc items. 3. If you're child is in private school, you can use up to $10,000 from your 529 to pay for non-college tuition. 4. If you are on autopay, remember to have the cash in the proper account!!

The earlier you start, the more you save! Investing in a 529 Plan when your child is young means more time for your money to grow. Start today and give your child the gift of education tomorrow. #StartEarly #529Plan

If you're leaving money in your Will to a child... There should be an age contingency! Typically, the money is left to the child upon their turning 18 or 25. There should also be administrative provisions for the money behind held in Trust, for example if payments are required for University fees etc. Want to learn more? Request a FREE copy of my book; "Where there's a Will, there's a Relative". You can do so by commenting below or dropping me a DM. Sooner rather than later. #EstateAdministration #Family #Beneficiaries

Opening an RESP is a great way to contribute to your grandchildren’s education costs. But what happens if you die before they get to use the funds? Columnist: Jason Heath Editor: Justin Dallaire #itpaystoknow #RESP #education #familyfinance #personalfinance #financialplanning