Nothing is more important than your childs education. With rising tuition rates and the growing educational requirements of employers saving for your childs education is more important than ever.
The Government of Canada has recognized the need to help Canadians save for their childrens or grandchildrens education. By opening a Registered Education Savings Plan (RESP) the government will add 20% to your contribution to a maximum grant of $500 per year for each child. There are also additional grants for lower income families. Plus it is not too late to make up for missed time because you can get the grant for each year back to 1998 or the childs birth year whichever is less.
With Pooled plans, self-directed plans, individual plans and family plans, each with different rules and restrictions, it can be hard to figure out which is right for you and your family.
Your knowledgeable Abraham Advisor can answer all your questions about education savings plans and advise you on the plan that will work best for you.
The information in this article was current at 06 Dec 2011