Why not have the government pay for 20% of your child’s education. Post-secondary costs are rising, but taking full advantage of government programs can help ease the burden. A properly invested Registered Education Savings Plan can help you take advantage matching grants from the government.
As education costs rise, ensure your family is taking full advantage of the government programs that can help pay for your child’s post-secondary education. Effective use of Registered Education Savings Plans (RESPs) can provide an additional 20% grant on top of your hard-earned savings, making your child’s dreams of a higher education a little more in reach. Currently the government will match $500 for every $2,500 you contribute to a RESP, per year. You never lose the room that has accumulated, so as long as your child is under 16 it is not too late to start. It is never too early to start thinking about your child’s future.
Concerned that a post-secondary education might not be right for your child? RESPs savings can be transferred to a sibling retaining all government grants (provided it does not exceed their grant room) or withdrawn by the contributor, (which will forfeit the 20% grants), but retain the principal and growth on your money.
RESPs are one of the simplest and most effective ways to help your child afford their post-secondary education. Call to today to see how this simple planning tool can make a huge difference to your child’s future.