RESP : Every child must have the freedom to choose their future

RESP : Every child must have the freedom to choose their future (1 min 57 s)

Added on September 9, 2015


The day your last child moves out is often bittersweet… It's an adjustment but it also means extra funds. Since it often coincides with the last sprint before retirement, why not review your financial plan and maximize your RRSPs? It would certainly help realise a project dear to your heart…

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RESP : Every child must have the freedom to choose their future (1 min 57 s)

Added on September 9, 2015

Today, I'd like to talk to you about what most people say is the most important day of their lives: the day a child enters their lives. Whether you're a parent, grandparent, uncle, aunt or friend, the moment a child comes into the world is truly magical.

I bet you're thinking about a child or children in your life right now…

As soon as we welcome a new child in our lives, we envision a beautiful life for our new bundle of joy. We may already have big plans for the future doctor, journalist, entrepreneur... Or we may simply get excited thinking about what our baby might want to become later on in life. We are all allowed to dream as we please.

An education savings plan, the RESP, is a powerful way to give kids the freedom to choose a career path. With the inevitable rise in tuition fees, putting money aside in an RESP can provide the means to offer your child a promising future. It can make all the difference in the world.

It's best to get a head start, but it's never too late to contribute to an RESP for that special person in your life. You can open one any time until your child turns 15 and you're eligible for grants until he turns 17. And, if you have large sums of money to invest, you can even get grants for the previous years!

The subscriber always owns the funds in the RESP, whether or not the beneficiary pursues an education. The investment income generated remains tax-free until withdrawal, after which, it's converted to taxable income for the child.

Also, did you know that a large portion of capital in an RESP comes from different government sources? A $1,000 investment can generate government grants of $200 to $600, depending on the province you live in and the child's family income.

Almost half of all Canadian children received RESP grants in 2012. That tells us that many parents made a smart choice! And most subscribers start contributing on average as soon as the child turns 3. Because, as you know, the sooner you start saving, the better.

Talk to your advisor, who can work out a strategy that suits your needs!

After all, investing now for your kids, means investing in their future. Celebrate the big day and give them the freedom to choose.

On that note, if you have questions please email me at the address you see on your screen. See you soon!