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Start today! Saving for your child's education is the smart way to education planning.

Let's assume your child will begin a four-year undergraduate degree program eighteen years from now. Here are three different ways to have the money you'll need.

The cost of waiting!

If you haven't saved up, let's assume you take out a loan for $70,000 at 5% and make annual payments of $5,500. It would take you 21 years to pay it back. And the total cost would be over $115,000!

That's the cost of waiting, and its an expensive choice.

You can always pay as your child needs funding.

Let's say you decide to pay for your child's education on an as-needed basis during his or her time at school. This is still going to be tough because you'll spend about $70,000 in after-tax dollars over four years. And that's just for one child. It can mean a huge sacrifice at a time when you will have your own living expenses to worry about. Will you suddenly have that kind of money available? Probably not.

Additional Information
Benefits of Education Planning
  • Open a tax advantaged account
  • Earn tax sheltered growth
  • Take advantage of grant deposits
  • Apply for a Canada Learning Bond
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Get started right away!
 
You can start saving right now by investing in a quality mutual fund, an in-trust account or a Registered Education Savings Plan (RESP).

You have lots of flexibility too. You can invest a lump-sum amount today and let it grow, or you can invest a much smaller amount (e.g. $100) each month for 18 years for a total contribution of $21,600.

While your children are growing up, your money will also be growing. Assuming a 8 per cent average annual compounding rate of return, you'll have accumulated most, if not all, of the funding required. This is the smartest and the most efficient choice. As they say, there's no time like the present, so get started right away and save yourself lots of worry!

 

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Reviewing your Education Savings Plans? We encourage you to talk to us. Click here, if you would like to discuss your education planning or to receive information by mail.
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