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Objective
Make sure your child is able to pursue post-secondary studies and achieve their academic dreams by making profitable investments.
![Education Education](https://votre-conseiller.com/wp-content/uploads/2018/05/gfh-investissement-duree-icon-125x125.png)
Duration
While it is recommended to start investing in an education fund while your child is young, you can contribute until they turn 18.
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Risk tolerance
This type of investment gives you access to government subsidies and allows you to contribute at your own pace, either prudently or more actively.
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Types of savings
An RESP might be the best education savings solution available, but you might want to consider your other options.
- RRSP
- TFSA
- Annuity products
- RRIF
- LIF
- LIRA
Advantages
Putting money toward an education fund will take pressure off your child when the time comes to pick a career. Your contributions will also allow you to benefit from considerable subsidies.
- Tax-free savings
- Registered retirement income
- Life income
- Locked-in retirement fund
- Disability savings
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Best practises from your representative
Post-secondary education is definitely a costly affair, including:
- Tuition
- Supplies, in some study programs
- Accommodations for several years
Contributing as early as possible to an education fund will give more flexibility to your child when they weigh their career options. A registered education savings plan (RESP) allows you to:
- Benefit from government subsidies
- Accrue substantial interest over the years
- Reinvest the sums if your child changes their path
If your household income is more modest, you might be entitled to other benefits. I can tell you in detail what you’ll be entitled to and guide you through the process of opening of an RESP. Book an appointment with me without delay!