Registered education savings plans are a fantastic vehicle to help parents plan and save for their children’s education. Also known as an RESP, registered education savings plans are very easy to get and takes no time at all to set one up. You can get registered education savings plans from a financial planner, a bank and some trust companies also provide them to name a few. It doesn’t just have to be for parents to save. Grandparents, and guardians can also save for children of their choosing.
With tuition costs throughout Ontario continuing to climb every year, the cost of sending your kids to post secondary education is becoming more and more difficult. By planning early you will ensure your children’s goals can be met. Another great reason to invest in an RESP is because the government to encourage more savings for kids education provides a fantastic grant of 20% which will help you save more in less time.
If you’re planning to invest in registered education savings plans it may be a good idea to sit down with a financial planner who can discuss some options, and answer any of your questions. Proper planning will ensure that your children have the best chance at getting an education and will ensure that the money will be available when the time comes. Most people put off planning their kids education and one morning they wake and only to realize that its now too late.
Watch this episode with financial planner Jeff Gregory of Desjardins Financial where he will discuss estate planning, wills and more on Real Estate 101.
For more information on financial planning, or if you need the help of a top financial planner contact Jeff Gregory
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