RESPs How To

4 year degree in 2030 is projected to cost approximately $120,000.  

A little scary, isn’t it?

Most Canadian children have savings set aside for post-secondary education, but the amount they’re saving isn’t rising along with increasing tuition fees.

Currently students graduate with an average debt of $28,000.

An RESP is a great way to save for a child’s or grandchild’s post-secondary education.  

There are certain rules but for the most part, you can contribute into the child’s RESP at any time and/or on a monthly PAC up to a lifetime total of $50,000 per child.  These contributions are not tax deductible, they grow tax free within the plan but be aware, they could have tax implications upon redemption.

Another bonus from the Federal Government is the Canada Education Savings Grant.  They will add 20 percent of your contribution up to $500 a year to a lifetime maximum of $7,200 for each child.  If you have a lower family income there are also Bonds available for your child.

Everyone wants to save for their child’s future post-secondary education, but it’s not always easy to find those extra funds.

Ideas on where to find contribution funds for RESPs

Start Early – We cannot say this enough.  Here are a few examples if you started from birth:

$100 a month from birth to 18 years old plus the 20% ($20) government grant making 4% would total $37,871.09

$150 a month from birth to 18 years old plus the 20% ($30) government grant making 4% would total $56,806.64

$200 a month from birth to 18 years old plus the 20% ($40) government grant making 4% would total $75,742.19

Get Help from Family – Parents, grandparents, relatives and friends are all able to open a Registered Education Savings Plan (RESP) for a future student. There are different RESPs to choose from, but to get started all you need is a Social Insurance Number for the child.  This means you can start saving when the child is very young.  Or, they can make lump sum deposits to the RESP you own on behalf of the child. 

Universal Child Care – Effective July 1, 2016, the universal child care benefit (UCCB) is replaced by the Canada child benefit; however you can still apply for previous years. The UCCB was introduced in 2006 as a taxable benefit designed to help Canadian families, as they try to balance work and family life, by supporting their child care choices through direct financial support.  If possible try to use some of the grant to invest in your child’s RESP and continue to live on what you earn.

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