We all want our children to receive higher education and we all know that post-secondary education is getting more and more expensive. Fortunately, all Canadian parents have a great opportunity called Canada education savings grant (CESG). While your children are young it’s the best time to start and save for their future.
This is how it works:
The parents or guardian of the child sponsor the plan and pay monthly or annual payments to the RESP account. Which was opened specifically for a single child or was a part of a family plan for all the children. The government will provide you with a Canada Education Saving Grant of up to 20% directly to your RESP account.
Contribution of $2500 CAD each year will get you a $500 CAD lump sum of free money every year if you maximize your contribution.On top of that your money can be invested base on your choice, many investment options are available. The money you contribute and invest for your children’s future grows tax-free within the RESP account. There are lots of great RESP providers. Contact Insurance by Mira Glinauer for full information about the options available for the best interest of your children.
You can find more information about RESP on the following website:
The Future Depends on your Actions Today! Contact Insurance by Mira Today.