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Your child's education

First you were putting on their diapers. Then you walked them to their kindergarten classroom. You helped them with their math homework. You listened to their loud music through the walls. Are you ready for what comes next?

Post-secondary education tuition can cost over $6,000 per year.1 If you have multiple children, you are looking at a lot of money if you are planning on helping them out. How can you make this process easier?

A Registered Education Savings Plan (RESP) is one option.Contributions to these accounts receive a 20% match from the Canadian Education Savings Grant up to $2,500 per year, which is $500 of free money. If your income is low, you can receive a 30-40% match on the first $500. Setting up a trust account is another option to help pay for college.

Saving for Post-secondary education can appear daunting, but it doesn’t have to be. Your financial advisor can help create a road map so you can make progress in steps. Before you know it, your kid will be out of Post-secondary education, and you’ll be putting on diapers again – on your grand kids.

Educational Savings

RESPs are Registered Education Savings Plans that grow tax-free until the child is ready for university, college or a vocational institute. The student usually pays little or no tax on those funds when they are withdrawn at the student's lower...

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Tax Free Savings Account

The TFSA is a registered savings account that allows taxpayers to earn investment income tax-free inside the account. Contributions to the account are not deductible for tax purposes, and withdrawals of contributions and earnings from the account are not taxable.

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Grandparent Gifts

Grandparents, in their children’s eyes, can be a source of frustration. Not because they do not love their grandchildren but because of the way they express it in a material sense. Grandparents tend to buy too many things that are not...

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1Statistics Canada

This publication and website are intended for Ontario residents only and the information contained is subject to change without notice. Mutual Funds are offered and regulated through Global Maxfin Investments Inc. (GMII). Insurance products (including Segregated Funds) and Income Tax Preparation is provided under the name of Ausim Mobeen. GMII does not supervise these activities and will not be accountable, responsible or liable for such activities. This publication contains opinions of the writer and may not reflect opinions of GMII. The information contained herein was obtained from sources believed to reliable, but no representation, or warranty, express or implied, is made by the writer or GMII or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any of the securities. The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal or account advice. As each situation is different you should consult your own professional advisors for advice based on your specific circumstances.