If you don’t plan early and strategically, this impacts you and your children’s future. You have RESP, and other alternative strategies can help to solve this problem.
RESP, also known as the Registered Education Savings Plan, is a way to save for your child’s post-secondary education. An RESP can help you tide over the rising costs of college or university degrees for your child. Plus, government grants also provide relief while the savings grow tax-deferred until withdrawn.
In addition to tax-deferred growth, the federal government will also automatically contribute a Canada Education Savings Grant (CESG) of 20% of what you put in, up to $500 per year – to a lifetime maximum of $7,200 for each child. If your family income is low, you can receive an even higher amount. For details, visit CESG.
Our consultants are moms and dads who had a similar experience you may face. We have the help you plan according to your budget and goals. Start your journey with LifePlan.