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Personal finance

Three options to improve your children's financial future

May 9, 2022

Rising inflation, interest rate hikes, soaring real estate prices, mounting grocery bills... There's no denying that 2022 has been hard on personal finances. In this environment, many parents are wondering what they can do to set their children up for a successful financial future.

As part of Quebec Family Week, experts from Desjardins Group's wealth management teams are presenting 3 options that could help you prepare your children for the future.

1. Maximizing the benefits of an RESP

Everyone knows that post-secondary education can be expensive. As a parent, you don't want that financial burden to get in the way of your children's career goals. Learn how to get the most out of the registered education savings plan (RESP) so you can give your children the help they need when the time comes.

2. Helping your child buy their first home

While real estate prices are hitting never-before-seen highs, young buyers are having trouble saving up the down payment required. Parents who want to help them have several ways to help their offspring get on the property ladder. It's still important to plan and understand the impact of your decisions, both on your children and you.

3. Adopting strategies to reduce taxes upon your death and leave behind a bigger inheritance

You've spent your entire life accumulating valuable assets. It's perfectly reasonable to want to leave as much as possible to your heirs. Although you can't avoid paying taxes upon your death, good planning can help you minimize or postpone them. Whether you're giving money, property or shares, making RRSP contributions on behalf of your child or creating a trust: Find the solutions that best suit your situation.