Ask any child what they want to be when they grow up and you’ll likely hear a long list of possibilities that change day to day: veterinarian, teacher, doctor—even a tooth fairy!
If you have a child, you want them to have every opportunity in life. Putting money away for their post-secondary education opens doors for them; and a registered education savings plan (RESP) can help you save more, faster.
Here are some RESP tips to help you save for your child’s education:
- Start early. The sooner you start saving to an RESP, the more you can save. Government grants and compounded returns can add significantly to an RESP’s total savings.
- Make your contributions automatic. Set up automatic, regular contributions from your savings or chequing account to your RESP. Are you receiving the Canada child benefit (CCB)? Try to sock it away every month. You’ll be glad you did later on.
- Take advantage of the Canada Learning Bond. If your child was born January 1, 2004 or later and is eligible, they could receive up to $2,000 towards an RESP to help pay for their education after high school.
- Involve your family. For special occasions like birthdays and holidays, why not ask grandparents, uncles and aunts to contribute to your child’s RESP? A little goes a long way; imagine how much money you can save from financial gifts over 10 years!
- Speak with a financial professional. An ACU financial professional can guide you through the process of choosing an RESP that’s right for you and your family.
To learn more about RESPs or to discover which solutions fit best with your overall financial plan, contact the ACU Member Communication Centre at 204.958.8588 (toll-free 1.877.958.8588) to book an appointment.