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Don’t Pass Up Free Government Contributions to Your Child’s Higher Education
 
October 15, 2019

There are two primary investment benefits to opening a Registered Education Savings Plan: RESPs are tax-advantaged in that the funds grow tax-free until withdrawn, and they provide access to government grants, which further accelerate the rate of savings.

Despite these advantages, RESPs are woefully underused.

According to Statistics Canada’s annual population estimates, there were more than seven million children (up to age 17) eligible to receive the CESG in 2017. Yet only slightly more than half, 52.3%, were beneficiaries of an RESP and had received the Canada Education Savings Grant (CESG) at least once since 1998.

The CESG consists of a basic amount of grant (Basic CESG) and an additional amount of CESG (Additional CESG) for beneficiaries from low- and middle-income families. The government contributes a maximum lifetime amount of $7,200 in Basic and Additional CESG to each beneficiary. Also, low-income families can access an additional benefit called the Canadian Learning Bond.

It’s astounding that so many Canadian families with young children are failing to take advantage of RESPs. With few exceptions, an RESP is the absolute best way for every person in Canada to save and invest for higher education.

Additional Information

Benefits of an RESP

  • Up to $7,200 in Government Grants
  • Tax-Sheltered Growth
  • Flexible Investment Options
  • Tax Savings

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Useful Tools and Information

 
 
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Get started by estimating the expenses your children will incur during their post-secondary school years. Keep in mind that the cost of tuition, housing, books and incidentals continues to rise, so you must adjust your figures for anticipated inflation. Through this process, you can quite accurately determine the monthly, yearly or one-time deposit required to fund the future costs of education.

Education Planning Calculator

Next, you need to decide on the best investment vehicle to reach your savings goals. The most popular educational savings vehicle today is the Registered Educational Savings Plan, or RESP, as it is commonly known. You also have other options, including an In-Trust Account and a Scholarship Trust Fund.

Read through the information and if you have any specific questions send us an email and we would be pleased to help.
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