Education Savings Strategies | BMO Global Asset Management

When it comes time to discussing education savings with your clients, RESPs are just the beginning. They allow you to prop open the door to conversations about alternative options to saving and investing, like TFSAs, life insurance, and nonregistered, trust or corporate business accounts.

Who can benefit

Anyone with an RESP
Parents/Grandparents
Primary Caregiver
Expectant Parents
Legal Guardian
Family Friend Or Relative

Communicate your value

Consider timing

A birth
Back-to-school
Financial Literacy Month
Pre-CESG deadline

Assist your clients in preparing an effective action plan that includes...

Calculating the cost of a post-secondary education
Creating a savings strategy based on suitability
Discussing account types in addition to a RESP
Providing advice on balancing financial priorities
Implementing, and monitoring, your clients’ educational plan

Get in the know

RESP Registered Education Savings Plan

Lifetime maximum is $50k per child; no annual contribution limit
Contributions are not tax-deductible, but savings grow tax-deferred until withdrawn
Withdrawals for education are taxed to the beneficiary

CESG Canada Education Savings Grant

Lifetime maximum is $7,200 per child
Grant is 20% of first $2,500 contribution per year/per child under 18
Contribution deadline is Dec. 31st

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