Investing in your child's future
Raking Hay - St Clements - Jim Stirtzinger
A post-secondary education is critical in an increasingly competitive job market. Each year, fewer high school graduates are in a position to afford their continued education. With the costs of higher education increasing almost every year, early planning is essential. Look at these statistics on the cost of education:
- In 2007, 35% of Canadian households spent money on education for things like tuition, school supplies and textbooks.
- Households spent an average $222 on school supplies, $543 on textbooks, and $4,017 on postsecondary tuition in 2007. Education expenses.
- Ontario had the highest undergraduate university tuition fees in 2009/2010 and Quebec had the lowest.
Source: Statistics Canada, www.statcan.gc.ca/edu/edu02_0019-eng.htm
The Education Cost Calculator estimates the cost of your post-secondary education. Taking your choice of program and all other expected costs into consideration, this tool allows you to compare up to three different options.
A great way to fund the education of your children, grandchildren, or another special child in your life is with a Registered Education Savings Plan (RESP). An RESP is a federal government-approved, tax-sheltered savings program for financing post secondary education. Income earned within the plan is not taxed until it is withdrawn. Answers to frequently asked questions about RESPs are available on the Canada Revenue Agency website at www.cra-arc.gc.ca/E/pub/tg/rc4092/rc4092-e.html
To help you maximize your RESP contributions, choose from these smart investment options:
Ethical Funds is Canada's leader in socially responsible investing with a full family of Funds to choose from for your education savings portfolio. Read more about Ethical Funds®
Guaranteed Investment Certificates
RESP GIC investments for terms of one to five years are available through our affiliation with Concentra Financial. The minimum deposit is $500.
Mutual Funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. ®Credential is a registered mark owned by Credential Financial Inc. and is used under licence. ®Ethical Funds is a registered mark owned by Ethical Funds Inc. and is used under licence. Ethical Funds® are sold in all provinces and territories across Canada.