and will they provide enough flexibility?
BEYOND RESPs
In the past 10 years, tuition fees at Canadian colleges and universities have more than doubled. Based on the 2010 and 2011 school year, Statistics Canada reports the average tuition per year was $5,128. This is over $20,000 for a four-year program, just for tuition. This number doesn’t consider accommodation, living expenses, books, recreation fees or social activities. Students can easily graduate university with $40,000 to $50,000 of debt*.
*Statistics Canada, University tuition fees, 2010/2011.
Participating life insurance is a great complement to RESPs. It provides life insurance protection for children or grandchildren, and a cash value component that can grow and be accessed to afford them more opportunities in life.
Want to secure your children future?
Investing in your child’s future is one of the most valuable and priceless gift you can give them.
We understand that savings is not that easy. The way financial costs for post-secondary education is building up, we highly recommend to start savings from today and on a consistent basis.
A Registered Education Savings Plan is the best way to protect your child’s or grandchild’s future.
One of the major advantages of an RESP is that it allows you to accumulate investment income on a tax-sheltered basis. To support you, Government of Canada has created the Canada Education Savings Grant (CESG) program.
With the Diploma Registered Education Savings Plan, you have access to:
- The Canada Education Savings Grant, equal to 20% of your first $2,500 in contributions each year, and up to 40% on the first $500
- The Canada Learning Bond
- A special grant for Alberta and Quebec residents
- An education bonus of up to 15% of your contributions when your child is ready to start his/ her post-secondary education
- A diversified investment offering good growth potential on your capital and protection of your savings
- The flexibility to change the plan’s beneficiary, if necessary
- The possibility of transferring your investment income to your RRSP if the beneficiary chooses not to pursue a post-secondary education.