A Registered Education Savings Plan (RESP) is a Canadian government sponsored college plan.
RESP subscribers make contributions that accumulate tax-free income to pay for higher education.
In addition to parental contributions, the state contributes a certain amount to these plans for children under the age of 18.
The Government of Canada caps a lifetime contribution cap of $50,000 per beneficiary from all RESPs combined.
If a child does not complete an approved post-secondary education program within 36 years of account opening, the government may request a refund of the grant money.
There are penalties and withholding tax on investment income that is derived from RESP and not used for college or vocational school.
The Uniform Gifts to Minors Act (UGMA) provides a way to transfer financial assets to a minor without the time-consuming and costly establishment of a formal trust.
The Family and Sick Leave Act (FMLA) is a labor law of 1993 that protects the workplace of employees who need to take leave for personal or family reasons.
Unemployment income is temporarily paid by the state to the unemployed who have lost their jobs due to dismissal or for other reasons through no fault of their own.
The Uniform Law on Prenuptial and Spousal Agreements is a law passed in several states to determine when and how prenuptial agreements must be enforced.
The Unsatisfied Judgment Fund is an amount of money set aside by some states to cover the unreimbursed costs of injuries sustained in motor vehicle accidents where the responsible driver is unable to pay the damages.