“We planned for tuition. Not for everything else.” Ravi (a father with two high school-aged kids in Surrey, B.C.) mentioned this to us when we spoke about his financial plan for the next year or two. He was like most parents who thought saving for post-secondary education was just saving money for tuition, when he … Read more
A Registered Education Savings Plan (RESP) is an important financial tool in Canada that allows parents, grandparents, or other relatives to save money for a child’s post-secondary education. With the depreciation of the dollar, an RESP gives the chance to save on the cost of education, including tax exemptions. In this blog, we will explore the … Read more
In Canada, planning for the security of your child’s future generally starts with assuring that his post-secondary education will be provided for. It is not surprising that most parents find ways to finance this now very expensive post-secondary education with insurance policies and saving plans. So, which insurance policy would be more useful in planning … Read more
There is an important goal for many Canadian parents: to plan a child’s education. Among the best tools for that is a Registered Education Savings Plan, or RESP. In addition to allowing savings to grow tax-free, they also carry government grants for post-secondary education. Of course, not everything goes according to plan. Sometimes, the problem … Read more
Balancing education, personal life, and finances is not easy for students in Canada. Under academic pressures, finance planning usually falls behind; therefore, there would be potential stress later. Setting financial goals gives the power to manage finances well, minimize debt, and set up a base of financial independence. This blog looks into the significance of … Read more
Plan the education for your child – among the biggest financial decisions of your lifetime. In Canada, with ever-rising tuition and education costs in post-secondary programs, families now must begin early and save early so that a child receives good quality education without an associated financial crunch. Assured Child Education Savings Plans can be of … Read more
An RESP is an investment vehicle created in Canada to allow parents to fund a savings plan for financing their children’s post-secondary education. The two most significant benefits and advantages of RESPs are government contributions and tax-free investment growth within the account. The catch about an RESP, however, is that withdrawal can be very cumbersome- … Read more
It is not easy navigating the education system when a parent has children who have special needs. In fact, under the Canadian Constitution, every child is granted the right to receive an education that best suits individual needs, including those of a child with a disability or special education needs. Still, such support carries a … Read more
One of the most valuable investment items that one can have is education, but not at a necessary high tuition. Nowadays, studying at a post-secondary level has almost become a prerequisite for many students, and thus, student loans are indeed the real deal. There are basically two types of student loans available to students: subsidized … Read more
This is a high time to plan for your child’s future since education, in general, and postsecondary education, in particular, is getting expensive; governments in Québec should help those families to preserve every dollar they can save for their children’s education. One of the savings approaches that has been recognized in Québec is the Québec … Read more