October 2018 – For those in ‘Back to School mode’, we know that one of the best ways to ensure our child’s success is through post-secondary education. Higher education often leads to higher future earnings; and with higher earnings comes a more secure financial future. However, it doesn’t seem to matter if our children are beginning pre-school or university, the cost of this post secondary education usually comes to mind. Starting early is the key to make it affordable, and using a Registered Education Savings Plan (RESP) will certainly help. Your savings will receive a 20% matching Canada Education Savings Grant (CESG) up to a maximum of $2,500 in a given year ($7,200 lifetime). You may also be able to apply retroactively for missed CESG grants and qualify for additional government bonds. BC has a Training and Education Savings Grant (BCTESG) as well. Don’t miss the opportunity to invest early so your contributions, grants and bonds grow and compound over as much time as possible.
Education funding tips
by Heidi Pullem | Oct 9, 2018 | Tips