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Education can be pricey

Education can be pricey: Learn how the Government can help

It's never too early to start putting money aside for your child's education. Post-secondary education costs are estimated to go up drastically over the next eighteen years. Right now, a student living at home pays an average of $4,000 per school year. That amount is expected to reach $37,000 per year in less than two decades. The Government of Canada has 3 ways to help you save for your child’s education. Prepare now to get your child the future of their dreams.

 

Registered Education Savings Plan (RESP)

As soon as your child is born, you can open an RESP. An RESP is set up through the Federal Government to help people save for their children's education. By putting money away each year, your child will have money available for post-secondary school. A family can set up a plan in which one or more of their children are listed as beneficiaries. It's also important to note that anyone can contribute to an RESP, not just the parents of the child. Income earned within the plan is not taxed until it's withdrawn. The more you save for your child’s education, the more benefits they’ll receive.

 

RESP benefits:

  • Anyone can contribute
  • Money grows tax-free until it’s drawn

If your child chooses not to attend post-secondary:

  • Choose an alternate beneficiary
  • Transfer the amount to an RSP
  • Withdraw the funds
  • Donate the income earned to a post-secondary institution
     

Canada Education Savings Grant

The Canada Education Savings Grant earns 20 cents on every dollar you contribute to your child’s RESP. Earn up to a maximum of $500 on an annual contribution of $2,500. If you cannot make a contribution in any given year, you may be able to catch up in future years.

 

Canada LEARNING BOND

If you’re receiving the National Child benefit Supplement and your child was born after December 31, 2003, you may be eligible for the Canada Learning Bond. This is a Government of Canada bond of $500 to help you start saving now for your child's post-secondary education. Plus, your child may qualify for $100 every year until he or she turns 15 years old to a maximum of $2,000!

 

This money can be used to pay for full-time or part-time studies in:

  • Apprenticeship programs;
  • CEGEPs
  • Colleges
  • Trade schools
  • Universities

 

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