Saving for a child’s education
Attending post-secondary education can make a big difference to earning potential and standard of living. But with education costs continuing to rise, it is more important now than ever to start saving early. Saving for a child's post-secondary education may be easier than you think. The key is to start early and make it automatic using a Registered Education Savings Plan (RESP).
Registered Education Savings Plans (RESPs)
An RESP is an effective way to maximize the money available to children when they enroll in a full-time, post-secondary program. Although contributions are not tax-deductible, money inside the plan can grow tax-free until it's withdrawn. In addition, the government offers several grants to help you build your education savings.
To learn more about saving for education costs, contact your financial advisor today.