Education Savings Strategies

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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  • Contributions are not tax-deductible, but savings grow tax-deferred until withdrawn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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