Do you have any idea what it could cost to send that special child in your life to college or university?
For example, if your child or grandchild enrolls in college or university in 15 years, you can expect the cost to be as much as $130,000 for a four-year program for a student living away from home. Living at home for those same four years could still cost a student about $100,000.
A Registered Educational Saving Plan (RESP) should form an integral part of every educational savings plan. The reason is simple. The federal government allows you to contribute money toward the post-secondary education of a child and the assets inside the plan will grow on a tax-deferred basis. In addition, the federal government will also assist you with your savings by depositing grant money into the RESP (subject to limitations).
Planning to contribute to your child's education costs should not be left to the last minute. The earlier you begin to contribute to an RESP, the more you will be able to take advantage of compounding interest and government contributions. The task of planning to finance your child’s education can require strategic long-term planning, which would be best accomplished with the help of a professional financial advisor.
Through AIC Funds, you can invest in some of the most successful “blue chip” businesses in Canada and around the world. Tap into the proven investment philosophy of AIC and enjoy investing in world-class corporations through an AIC RESP, while at the same time giving your child a head start on a quality post-secondary education and prosperity.
Check out our collection of Tax Smart bulletins and documents designed to assist you in learning the basics about RESPs and to help you discover why AIC can help you reach your educational savings goals.
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How much will an education cost?
Use our custom online calculator to find out much you will need to save, and how an RESP can help you do it.
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