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However, the Board and the Compensation Committee will review and consider the voting results when evaluating our executive compensation program.Although the executive compensation discussion in this proxy statement focuses on the compensation decisions for our named executives — Jeff Immelt (Chair & CEO), Jeff Bornstein (SVP & CFO), Beth Comstock (Vice Chair & CEO of Business Innovations), David Joyce (Vice Chair & CEO of Aviation), John Rice (Vice Chair & CEO of our Global Growth Organization) and Keith Sherin (Former Vice Chair & CEO of GE Capital) — our executive compensation programs apply broadly across GE’s employee ranks.The tax sheltering might still be useful but only in certain cases.If you are in a high tax bracket (ie 40% ) and will be contributing a significant sum of money – let’s say k.In Donna’s case I would just put the money in a high interest savings account or short term bonds (via etf or index fund) since her youngest will be going to school in 2 or 3 years.The two main benefits of resps are the government grant (20% of contributions) and the tax-sheltered status.Let’s look at the possibilities for each of her kids: 18 year old The last year the resp contribution grant can be paid is in the year the beneficiary turns 17.
The interest portion of the account will be taxable in the child’s hand when withdrawn but as long as they are in a lower tax bracket then you will save some tax money.
I am divorced and we had to liquify our RESP 12 years ago.
Since then their father had passed and left a little insurance money.
This benefit is pretty debatable – all it takes is one good summer job and the tax benefit mostly disappears.
I’m not sure that I would bother with an resp for the 18 year old especially if the money is going to be used in the next year or two.
If I were in Donna’s shoes I would make sure first and foremost that I didn’t invest in anything with any risk at all (resp or not) – there just isn’t very much time until this educational money is needed.