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These days, most children do some type of post secondary education when they graduate high school -whether its learning a trade, completing a college diploma or taking a degree. Talk to any parent whose child who is at college or university and you will hear about just how expensive it is.

Today, a full time student doing post secondary education can expect to pay between$2,500 and $6,500 per year—or more—in tuition and that doesn’t take into account, books, supplies, student fees, transportation, housing and many other expenses.

In fact, according to the Government of Canada, full-time students in Canada paid an average of $16,600 for post-secondary schooling in 2014–2015. That is more than $66,000 for a four-year program!  Based on history, these costs will continue to increase.  We have seen post secondary education costs increase year over year by more than inflation.

But there are things that you can do now. Planning ahead is one way to make sure that your son or daughter can get the best start in life and the Government will help you.

You can start a Registered Education Savings Plan (RESP) for a child almost as soon as they’re born and in some cases continue to contribute right up until they turn 31!  And it doesn’t have to be just you who contributes. Parents, grandparents, and anyone who wants to support the child can contribute. There are no annual contribution limits and with a maximum lifetime contribution per beneficiary of $50,000, there is plenty of opportunity to provide for child’s biggest dreams.

RESPs can be set up for the education of one child or you can set up a plan for the whole family. A family plan will give added flexibility to add and remove beneficiaries as well as make sure that each child has the funds that they need to have the education that they want when they want it.  Although contributions are not tax-deductible, contributions grow tax-free.

RESPs are one way that you can save but there are other options where RESP might not be appropriate. If you would like more information regarding RESP’s and saving for your child’s education, we can help. Two Pine Financial can work with you to find the most effective, affordable and flexible saving plan for you and your family.

Call or email to find out more and begin saving for your children's future today.

SAVING FOR EDUCATION

Back to School but can you afford it?

Call :

​+1 (403) 949 2595