Birth of a child


Whether you have already welcomed your new bundle of joy, or are expecting, life is never going to be the same.  According to, the average cost of raising a child to age 18 is a whopping $243,660.   Here are some resources to help you prepare for your child rearing years.


RESP Calculator

Kids grow in the blink of an eye and so can your savings in a BMO RESP. Use our Registered Education Savings Plans calculator to find out how to get a head start on covering your child’s post-secondary education costs and learn more about how government grants and other programs can help you make the grade.  

What to do when you have insufficient or unused RESP funds

RESPs often fall short of funding a child’s full education, but sometimes an account holder ends up with unused education savings. Here’s what to do if you have an excess or shortfall in RESP funds.

Taking Money Out of an RESP

As the new school year begins, many students are preparing to take the next big step in their educational journey by heading off to university, college, or another continuing education program aligned with their interests and career aspirations. This article provides information on how, and when, to withdraw funds from an RESP, as well information on qualifying educational institutions and programs. 

NOTE: Effective immediately, amendments to the 2023 Federal Budget now allow Education Assistance Payment withdrawal as per the following:

• Up to $8,000 (previously $5,000) in respect of the first 13 consecutive weeks of enrollment for beneficiaries enrolled in full-time programs.

• Up to $4,000 (previously $2,500) per 13-week period for beneficiaries enrolled in part-time programs

Six Tips for Talking to Adult Children About your Family's Wealth


The great wealth transfer has arrived. 

With the youngest boomers now turning 60 and the oldest nearing 80, many are now transferring their wealth to the next generation, whether while living or due to their passing. Reportedly, US$84 trillion globally will get passed down to future generations over the next two decades, including investments, real estate, businesses, and other assets. Six tips for talking to adult children about your family's wealth explores the importance of transparent and honest communication about family wealth and how families can empower themselves with knowledge and skills to continue building family legacy through the generations