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Question:

How do you prepare for a child's educational future?



Answer:

The easiest way to prepare for your child’s educational future is by contributing to a Registered Education Savings Plan (RESP). An RESP is a government approved plan for the purpose of providing post-secondary education funding. By starting now, you can grow your education funds by making affordable, convenient deposits that earn income that is not taxed until it is withdrawn.

An RESP offers flexible deposit options…you can make one lump sum payment per calendar year (prior to December 31st) or set up convenient automatic monthly deposits. For as little as $25 per month your RESP contributions grow tax-free and receive 20% matching government incentive funding. For example, if you contribute $2500 annually, the plan will receive $500 in government matching funding. Plus, you may also be eligible for additional grants (above the 20% Canada Education Savings Grant [CESG]). When you apply for an RESP you will need the social insurance numbers for each of the children that you are applying on behalf of.

As you can see, it’s the smart way to realize your family’s education goals. We recommend that you talk with one of our investment specialists to explore your options, and let us help make your decision-making process a bit easier.

 

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