RESPs are tax-advantaged accounts designed to help Canadians save for higher education. RESP funds can be invested in countless ways and if they are spent on higher-education related tuition or expenses, no investment gains in the account will be subject to income taxes.**
A RESP is just an account with some tax rules around it. It is how the money that is deposited into this account gets invested that will make it Halal or not. The focus here should not be the account type but the underlying investments. As long as that cash is being used to buy Shariah-compliant investments, such as the OneVest Halal Portfolios, then your investment is Halal.**
These Shariah compliance certificates, issued by Manzil' Shariah Supervisory Board, ensure that OneVest's Halal Portfolios, products, and services comply with the Shariah standards as set out by AAOIFI.**
Investment fund and portfolio management services are provided by OneVest. All portfolio holdings and performance data are sourced from OneVest.
The federal government adds to RESP savings each year through the Canada Education Savings Grant. They will match 20% of the annual contribution, up to a lifetime maximum of $7,200 per child.
No taxes are paid on any investment earnings as long as they stay in the RESP account. That means that savings can grow faster.
The money that is put in a RESP account gets invested into the Halal Portfolios to save for the child’s education. This will help the child avoid interest-based student loans in the future.
Anyone can set up an individual RESP for a child – not just the parent. A child’s RESP can grow more quickly with contributions from friends and family.
Manzil Invest - Investment fund and portfolio management services are provided by OneVest*
Future value of RESP Account
Total Investments
Total Profits
Potential tax savings
Manzil Invest - Investment fund and portfolio management services are provided by OneVest*
Disclaimers:
*Manzil Invest is a strategic partner of OneVest Management Inc. (“OneVest”). OneVest offers wealth management products and services to Manzil customers. OneVest Management Inc. is registered as a Portfolio Manager in each of the provinces and territories of Canada, and as an Investment Fund Manager in the provinces of Alberta, Ontario Quebec, and Newfoundland and Labrador. Upon opening your account, OneVest will determine what investments are suitable for you.
** This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
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*** Your capital is at risk with any type of investment. Past performance is not a guarantee of future results or success. Please read OneVest’s investment risk disclosure for more information.
