A post-secondary education is one of the most important gifts you can provide for your child. It provides more career opportunities and increases self-confidence. With tuition costs increasing every year, it can be difficult to save enough to give your child the tools needed to pursue their dreams. Often parents have many other commitments that take priority over putting money aside for their child’s education.
With Christmas fast approaching, there are many grandparents that are wondering what their grandchildren need, and often money is the simplest solution. What if 20% could be added to that money and put into something tax sheltered, to be used for their grandchildren’s education?
That is where RESP’s (Registered Education Savings Plans) come in. They can be opened by someone other than the child’s parents, and many grandparents are taking the opportunity to help their grandchildren with their future. Everything that is deposited will receive a minimium of 20% from the government, on the first $2,500/child/year into the account. Other government incentives may be available as well, based on family income.
Another exciting feature is the availability of family plans, meaning that more than one child can be put into a plan and one deposit can be pooled together to be shared between the children. Just one deposit a year needs to be made into the account, making it a simple way to give.
Every grandparent wants to leave a lasting legacy for their grandchildren, and the gift of education might be the greatest gift they can give.
At Ecclestone Financial Group we have decided to participate in Movember this year – we are donating our upper lips to charity. We have provided a link on our homepage to donate to this worthy cause, which promotes men’s health, education and prompts a conversation. Please donate to us online – you will receive a charity receipt for your donation, and Mr. Ecclestone has agreed to match the first $1,000 in donations doubling the impact you can make. We will update pictures as we go so you can enjoy the transformation as it happens.