We hope your children had a wonderful first day back at school. ?As your children start school, it is important to think about their future and plan to fund their future dreams and career aspirations.
The cost of tuition has been rising quickly. According to Statistics Canada, Ontario students pay an average tuition of $7,539 per year ? the highest in Canada! This is just tuition, and doesnt account for added costs of books, rent and living expenses. If you start to account for those costs, then it becomes evident that you need to start saving early.
This year, if you havent already, why not open an RESP account for your child? An RESP is a registered tax-sheltered education savings account that can help you put away money for your childs education after high school. The best part is that these savings grow tax-free and by registering, you could also be entitled to additional funds through the Canada Education Savings Grant and the Canada Learning Bond, funding which you not have received otherwise.? The Canada Education Savings Grant (CESG) is money paid by the Government of Canada up to a maximum $7,200 and the Canada Learning Bond (CLB) is money paid by the Government of Canada up to a maximum of $2,000.
Already have an RESP? Make it grow -? when family or friends give monetary gifts for your child, deposit that money to your childs RESP. This is money that will be very useful to them and can grow steadily over the years.
If youre looking to prepare for you childs future, then speak to our agents who will be happy to find a plan that suits your needs and budget.