Another summer has quickly come to an end. And that means one thing: your kids are back in school. Just as spring is a great time to consider spring cleaning, the back-to-school period is a great time to start thinking about your kid’s post-secondary education (PSE) and the benefits of investing in a Registered Education Savings Plan (RESP).
Why is back-to-school such a great time to think about RESPs? The start of a new year means your kid is one step closer to starting their PSE. Whether you’ve started to save for their PSE or not, there’s a huge number of reasons to invest in a RESP.
Thanks to RESPs, parents can provide their children with financial stability as they learn and teach them about financial responsibility as they grow. Through a RESP, you can contribute up to $50,000 and the subscriber will have up until 31st year of the plan to make contributions. Continue reading
Why Should You Choose an RESP Over a TFSA?
Putting children through university or college can be expensive. If you don’t plan ahead of time, the expenses for their post-secondary education (PSE) could be crippling. Fortunately, the Canadian government provides help through the Registered Education Savings Plan (RESP). Another avenue you can take to help save money for their PSE is through a Tax-Free Savings Account (TFSA).
Even though school has been well under way for some time now, families may still find themselves purchasing school essentials for their kids. It’s hard to know exactly what supplies your child will need before the school year starts, which is why many families shop for school supplies year-round. While school shopping can be fun, it can also be a stress financially.
Aside from basic items like pencils, pens, and paper—which can be really inexpensive—must-have items such as clothes, headphones and laptops can bust the budget. And it all adds up, especially if you’re buying school supplies for more than one child.