If you're thinking about starting to put money aside for your child's post-secondary education, RESPs are a great way to make the most of your savings. There are a number of reasons these accounts are so widely used, the main two being that your savings are tax-sheltered as they grow, and various government grants become available to you when you invest in an RESP.
Whether your child is a newborn or starting high school, thinking about saving for post-secondary schooling is overwhelming. With so many options on the market designed to help you save for education, choosing the right one can be tricky - especially when sales associates are trying to sell you their products.
Tuition prices are on the rise, leaving many parents wanting to help put their children through post-secondary schooling. A four-year university degree can cost upwards of $60,000, making hefty student debt a reality for many Canadians. Saving for things like a home and family becomes even more difficult for recent graduates. While the price tag is daunting, post-secondary education is still is an investment in your child’s future. If saving for your kids’ education is a goal of yours, we share some advice on how to make it happen.
This blog by Invisor CEO Pramod Udiaver was originally published on Huffington Post Canada. Pramod is a new guest contributor and will be posting regularly on Huffington Post. With the kids heading back to school this week, now is the perfect time for lessons in personal finance.
It was in the summer of 2013 that I was planning to get a new mini-van to replace my old workhorse. I’d set up an appointment with a personal banking associate at my bank to review the various financing options available to me. As the meeting was wrapping up, the associate told me that I was ‘eligible’ for financial planning services offered by the bank.