Help Fund Your Children’s Future
The cost of post-secondary education continues to rise, and tuition is only part of the picture. Housing, books and living expenses can add up quickly. Starting early gives your savings more time to grow, and a Registered Education Savings Plan (RESP) is one of the most effective tools available to Canadian families.
With government grants and tax-deferred growth, an RESP can help your contributions go much further. But getting the most from one takes planning, from choosing the right type of plan to timing your contributions so you never leave grant money on the table. I help you build an RESP strategy that fits your family.
RESP Options and Benefits
There’s more than one way to save for education. Here’s how they compare.
Individual RESPs
An individual plan is set up for a single child and can be opened by anyone, including parents, grandparents, family members or friends. Individual RESPs offer flexibility and are a great fit when you’re saving for one child or want to keep each child’s savings separate.
Family RESPs
A family plan covers multiple children related by blood or adoption under one account. Savings and grants can be shared among siblings, so if one child chooses not to pursue post-secondary education, the funds can still support their brothers or sisters.
Government Grants
The Canada Education Savings Grant adds 20% to the first $2,500 you contribute each year, up to $500 annually and $7,200 per child over their lifetime. Eligible families may also receive the Canada Learning Bond. I help you time contributions to capture every dollar available.
Part of a Bigger Picture
Education Savings That Fit Your Whole Plan
Your RESP doesn’t exist on its own. It competes for the same dollars as your RRSP, your TFSA and your mortgage, and it depends on your income continuing until your children are ready for school. Without a plan, it’s easy to fall behind or overextend.
Because I advise on both insurance and investments, I can help you balance your education savings with your other goals, and make sure the right coverage is in place so your children’s education stays funded even if the unexpected happens.