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A Registered Education Savings Plan, or RESP, is a special tax-advantaged investment plan that allows an account holder, or subscriber, to invest for the education of a beneficiary child. There are many benefits to an RESP including a government matching scheme and a versatile tax-advantaged investment opportunity, making them excellent investment choices for your child’s future.

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    A bad credit mortgage is an option for people with a less than optimal credit score who are looking to finance their purchase of a home. A credit score is a number that gives lenders an idea of how safe or how risky it would be for them to provide their services to you. In Canada this number goes from 300 to 900, and the higher the number the better your credit score is. You build your credit score and your credit history over time by consistently and reliably paying off loans and debts, such as student loans, car loans, and credit cards. If your credit score is lower than what is ideally asked for you may still be eligible for a bad credit mortgage. A bad credit score typically indicates financial difficulties in the past, such as people who have experienced bankruptcy or have had difficulty paying back their loans. 
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    Prime Lenders: A prime lender will have the strictest requirements for your bad credit mortgage but can generally offer the best mortgage rates. Prime lenders will include the traditional lenders you would first think of when applying for a mortgage such as the major banks. While they typically prefer applicants to have a high credit score you may be able to get a bad credit mortgage with them with a credit score as low as 600. Trust Companies and Bad Credit Lenders: Financial institutions that specialize in providing a bad credit mortgage will include trust companies and other institutions that work with people with a bad credit score or history. Typically a bad credit lender or trust company will work with people who have a credit score of 700 or lower, and may be able to provide you with a bad credit mortgage with a score as low as 550
    Private Lenders: A private lender can include a private company or an individual lender willing to provide a bad credit mortgage to someone who has a poor credit score or history. Some private lenders will only provide loans to finance the down payment of a mortgage. While their mortgage rates will be much higher than a prime lender or trust company, private lenders typically become an option to consider if your credit score is below 600.
    If you have a poor credit score and are thinking of applying for a bad credit mortgage there are some things to consider first. Lenders will look at many things during the application process but will typically focus on: Credit Score and Debt History: A credit score and your debt or credit history provide a quick snapshot of your risk profile for a lender. Your credit score will determine whether you are eligible for a regular mortgage or will have to finance your home purchase with a bad credit mortgage. Credit scores in Canada range from 300 to 900 with a higher score being better. If your score is lower than 700 or you have a history of missed payments you may have to opt for a bad credit mortgage. Income and Employment History: The primary concern for a lender is if you will be able to pay back the loan reliably over time. As such they will be looking at your income and employment history when you apply for a mortgage. If your credit is below ideal and you have a low income or an employment history that is difficult to verify then you may be required to apply for a bad credit mortgage. Property: Any time you apply for a mortgage the lender will want to look at the property. They will look at the state of the construction and required maintenance costs of the property, the area it is in, and if they consider it affordable for you. If you are applying for a bad credit mortgage the lender may be stricter with the type of property they are willing to finance. Down Payment: In Canada the minimum down payment on a property is 5% with that amount rising to 10% of a property that is valued over $500,000.
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    Tips for Getting a Investment Property

    Because the burden to prove eligibility is greater on self-employed individuals, it pays to be well prepared before applying for a loan. The following should be considered before going into apply for a Self-Employed Mortgage:

    RESP Contribution Limits

    The lifetime maximum for deposits into an RESP account are $50,000 per beneficiary. This can be done at any time however the CESG maximum yearly amount is limited to $500 of government money at a lifetime total of $7,200 so it is generally advised to spread the deposits to maximize the government matching grant. Investments into the account can be made up to and including the year the beneficiary child turns 17.

    RESP Withdrawal Rules

    Withdrawals from an RESP account can only be made by the subscriber, who must provide proof of enrollment to the financial institution. There are two types of withdrawals from an RESP, the contributions made by the subscriber known as Post-Secondary Education Payments (PSE), and that of the government grants and investment income known as Education Assistance Payments (EAP).

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    Commonly Asked Questions

    An RESP is a special tax-advantaged investment plan that allows a subscriber to invest in the education of a beneficiary child. The advantage of the RESP is that investments are matched by the government up to a lifetime total benefit of $7,200, making them excellent ways to save for your child’s future.
    The tax-advantaged status of an RESP allows for deposited amounts to be withdrawn tax free and for government grants and investment income to be taxed at the income tax rate of the beneficiary student. Since students usually have low income and have tuition and tax credits there is often no tax paid at all.
    There are many benefits to an RESP including a government matching scheme known as the CESG which can give the beneficiary up to $7,200 in free money, a tax-advantaged investment opportunity, and a great deal of flexibility about how they can be used. This makes RESPs excellent tools for investment.

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