According to Statistic Canada, in 2015, 2 054 943 Canadians were enrolled in post secondary education in Canadian universities and colleges. But most importantly, almost 6 out 10 students rely on financial support from their parents, family or spouse to fund their current school year.
By opening and contributing to a Registered Education Savings Plan (RESP) account while your child is young, you could receive grants from both Provincial & Federal governments helping you save for your children’s education. This can help them reduce financial barriers, improve their odd of attending post-secondary education and make it easier on your budget once they are in school.
A look at grants available (the following may vary according to family income):
• Canadian Education Savings Grant (CESG) the government will match 20% of any RESP contributions until the child turns 17 yrs old. This translate to additional 500$/yr to a lifetime grant limit of 7200$ per child.
• Quebec education Savings Incentive (QESI), the account can receive an amount equal to 10% of the net contributions paid into it, up to a maximum of $250/yr
Interested and want to know more? Don’t hesitate to contact me I will gladly assess your RESP grant potential!
The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This video was designed and produced by Flavio and Violetta Vani, an Investment Funds Advisor with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated
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