In our ever-changing world, a post-secondary education is your child’s best defence against an uncertain future.

While a post-secondary education is a valuable personal asset, it is expensive to acquire.

How expensive? Education costs will vary considerably depending on factors such as where your child will live, the university chosen, the degree sought and the program (e.g. medicine) selected.

As the cost of a post-secondary education steadily increases, many parents are looking for ways to fund their children's future education needs. Fortunately, with a comprehensive education plan and an early start, a university education can be a reality for your children. Using our sophisticated planning software I can create a customized education analysis that will help you estimate the future costs of your child’s post-secondary education. Once the education funding goal has been quantified, I will work with you to develop a plan to reach your education goals.

group of teens sitting outside a school laughing

 

 

man and 2 boys play wrestling on a couch
 

An RESP is a tax-deferral plan designed to help parents, grandparents and anyone interested in saving for a child's education. While RESP contributions are not tax deductible, the income earned on contributions held inside the plan compounds on a tax-deferred basis. The lifetime contribution limit per beneficiary is $50,000. The CESG will only be paid on the first $2,500 of contributions per beneficiary per calendar year. The lifetime CESG limit per beneficiary is $7,200. While a child may be the beneficiary of more than one RESP, all contributions made to the respective plans cannot exceed the stated maximums. When the income and CESGs are eventually withdrawn from the RESP to pay for education-related costs such as tuition, books, travel and accommodation, they are taxed in the hands of the beneficiary (the student), not the subscriber (contributor) and should attract little or no tax if withdrawn over a number of years.

At BMO Nesbitt Burns, our experience has shown that a dedicated savings strategy, that includes a Registered Education Savings Plan (RESP), has proven to offer the greatest assurance that the money will be there when it's needed.

In our ever-changing world, a post-secondary education is your child’s best defence against an uncertain future.

group of teens sitting outside a school laughing

 

While a post-secondary education is a valuable personal asset, it is expensive to acquire.

How expensive? Education costs will vary considerably depending on factors such as where your child will live, the university chosen, the degree sought and the program (e.g. medicine) selected.

As the cost of a post-secondary education steadily increases, many parents are looking for ways to fund their children's future education needs. Fortunately, with a comprehensive education plan and an early start, a university education can be a reality for your children. Using our sophisticated planning software I can create a customized education analysis that will help you estimate the future costs of your child’s post-secondary education. Once the education funding goal has been quantified, I will work with you to develop a plan to reach your education goals.

 

man and 2 boys play wrestling on a couch
 

An RESP is a tax-deferral plan designed to help parents, grandparents and anyone interested in saving for a child's education. While RESP contributions are not tax deductible, the income earned on contributions held inside the plan compounds on a tax-deferred basis. The lifetime contribution limit per beneficiary is $50,000. The CESG will only be paid on the first $2,500 of contributions per beneficiary per calendar year. The lifetime CESG limit per beneficiary is $7,200. While a child may be the beneficiary of more than one RESP, all contributions made to the respective plans cannot exceed the stated maximums. When the income and CESGs are eventually withdrawn from the RESP to pay for education-related costs such as tuition, books, travel and accommodation, they are taxed in the hands of the beneficiary (the student), not the subscriber (contributor) and should attract little or no tax if withdrawn over a number of years.

At BMO Nesbitt Burns, our experience has shown that a dedicated savings strategy, that includes a Registered Education Savings Plan (RESP), has proven to offer the greatest assurance that the money will be there when it's needed.

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