RESP

RESP is a Registered Education Savings Plan and is one of the best ways to save for your child’s education. The Canadian government will give you a 20% grant on your contributions up to $500 per year, and this can really add up over time!

There are a few different types of RESP plans, but at 108 financial we offer Family and Individual Plans. This plan is perfect for families and for each child in the family.

The great thing about a RESP is that it can be used for any type of post-secondary education, whether that’s a university, college, or even a trade school. And, if your child decides not to go to school, you can withdraw your contributions but not the government grant.

Tuition costs on the rise:
The average rate of tuition in Canada is up 5% in the past year alone. Most Canadian students are paying $6,693 in tuition per year at post secondary institutions with those entering into programs like dentistry paying upwards of $22,000 on average.

With the costs of post secondary education on the rise, now is the time to start saving. We can establish a plan that won’t impact your budget and that will offer you the best possible returns.

Most university graduates carry over 17,000 in debt upon completion of their program. With savings today, your children may not face the same difficulty that can come from taking on student loans to get their education.

At 108 financial, we want to help you save for your child’s future. We will create an education savings plan using an RESP and any other investment product that would work for your situation, so that you can get the best possible returns for your children.