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Invest in your child's future.

Post-secondary education is expensive. And getting more so. Registered Education Savings Plans (RESPs) can help, allowing your money to grow tax-free until your child is ready for university, college or trade school. Even better, when you contribute to an RESP, the federal government's Canada Education Savings Grant will match 20% of your yearly contributions, to a maximum of $500 annually per child. But start early – they grow up all too fast.

The cost of higher education is going to get, yes, higher.

Human Resources and Skills Development Canada estimates that a child born today will need more than $100,000 for a 4-year program. Like all parents, you want your child to have a successful future; one that's filled with exciting opportunities and promising possibilities. An RESP can help you achieve that.

When you invest in an RESP, you're not only taking advantage of tax-deferred savings, flexible investment vehicles and easy contribution plans, you're also investing in your child's future. And the earlier you start, the more you take advantage of accumulated growth.

Tax-free growth plus free government grants.

RESPs allow savings to grow tax-free until your child is ready to go to college, university, trade school, or any other eligible post-secondary educational institution. Under the family RESP plan, if your child decides not to attend, the RESP can be transferred to another beneficiary such as a sibling. RESP assets can also be transferred into your RRSP, provided you have enough contribution room left.

Each child beneficiary can collect up to $500 per year from the Canada Education Savings Grant (CESG) program, to a maximum of $7,200 over the life of the RESP. That's an automatic 20% return on your investment! The simplest way to achieve this is to set up a convenient pre-authorized contribution of about $208 a month. You can choose from a wide range of investment options – from savings and term deposits to mutual funds*.

There is also a new BC Training and Education Savings Program (BCTESP) grant, designed to help families start planning and savings earlier for their children’s post-secondary education. It provides $1,200 for your child’s RESP with no matching or additional contribution on your part. Grant applications can be submitted any time after the child’s sixth birthday up to the day before their ninth birthday. More information on this program can be found on the BC government website.

How much do you need to save?

There are many factors that will affect how much and how quickly you need to save for post-secondary education. These include:

  • whether you're saving for your children or other relatives
  • how many children you're saving for
  • the age of your children
  • where the student plans to attend school – locally, nationally, abroad
  • where the student will live – at home or on/off campus
  • if they will be able to supplement their income through part-time work
  • potential for student loans, scholarships or bursaries
  • additional costs involved for the particular program of study; for example, some professional faculties such as medicine or engineering carry higher tuition costs
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Calculate the savings.

This easy-to-use calculator can show you how to reach your education savings goal.

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Start your BlueShore Financial RESP ASAP.

We can help you identify how much and how quickly you will need to save, taking into consideration the Canada Education Savings Grant and the BC Training and Education Savings Plan. Whether you're saving for a child or grandchild, start today. Consult with a financial advisor to start your RESP soon. Because we all know how fast kids grow up.

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

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