Since the moment my son was born, I started saving for his future. I want to make sure that we have money set aside for his education and to help him get settled when he decides to move away from home. The thought of him growing up and moving away already brings tears to my eyes! While I watch him playing, I’m often wondering what sort of interests he’ll have as he grows up. Will he love learning like his dad? Will he be filled with creative ideas like me? Will he strive to be an entrepreneur like his Papa? No matter what his dream is, I want to help him make it a reality.
With all of the ways to grow his Registered Education Savings Plan (RESP), I couldn’t wait to get started so that I could ensure I was earning the most with our savings. Have you completed your tax return yet this year? Your tax refund could be placed into a RESP for your child’s future. What are the benefits of extra contributions? Oh, there are so many!
Registered Education Savings Plan – Easy Ways to Save For Your Child’s Education:
I know a lot of this information can be hard to digest, but here is a simple outline of the many benefits for making extra contributions.
- Basic CESG (Canada Education Savings Grant) – The Canadian government tops up your annual RESP contributions by 20%, up to $500 per year and up to a lifetime maximum of $7,200 per eligible child.
- CLB (Canada Learning Bond) – For qualifying families who open an RESP, an initial CLB of $500 is available to be deposited into the child’s RESP. Subsequent installments of $100 will be available for children each year of eligibility until age 15.
- If you live in British Columbia, ask about BCTESP (B.C. Training and Education Savings Program).
- If you live in Alberta, ask about ACES (Alberta Centennial Education Savings Plan Grant).
- If you live in Saskatchewan, ask about SAGES (Saskatchewan Advantage Grant for Education Savings).
- If you live in Quebec, ask about QESI (Quebec Education Savings Incentive).
Did you know that each RESP has a lifetime contribution limit of $50,000? Want to learn how to make the most of your savings? Heritage Education Funds has been helping Canadian families plan for their children’s future since 1965. If you have a question about how to make the most of your savings, they are the people to ask! Heritage is proud to have surpassed over $900 million in payouts to their subscribers since inception in 2013. Just picture how many graduation caps that is!
Driving Your Child’s Future Forward:
With sports practices, study sessions, and grocery trips to feed those growing children, I bet you could use a new car, right? Well, here’s your chance to win one! Together with Summit Ford, Heritage Education Funds is giving away a 2014 Ford Focus Hatchback SE, a sleek and trendy family vehicle! Simply visit the Heritage Education Funds contest site.
1 thought on “Registered Education Savings Plan | Easy Ways to Save”
Great tips for getting started! Thanks for sharing!