Your children and grandchildren have big dreams for the future. Whether they want to become teachers, astronauts, electricians or doctors, you want to set them up for success. One of the best ways to do this is to provide them with funds for college or university. Starting today will make it easier on you when they're ready to soar.

One of the best ways to start saving for their future dreams is with a Registered Education Savings Plan (RESP). This government sponsored investment plan makes it easier to save for the rising cost of post-secondary education.

With RESPs:

·         you can contribute up to a lifetime maximum of $50,000 per child

·         you can receive up to $500 per beneficiary per year from the Canadian Education Savings Grant ($1,000 if there is unused grant room from a previous year) up to a lifetime limit of $7,200

·         all the money earned within the plan grows tax-free until it's withdrawn

·         only the accumulated interest is taxable as income once the beneficiary enrolls in his/her studies

All this and compound interest, too, because while your children are growing, their education fund does the same.

Our Wealth Services team will work with you to determine:

·         how much you will need to save

·         the best savings tools to use

·         how to take advantage of the Canadian Education Savings Grant

Get more information on RESPs here