"It feels like just yesterday you were changing their diapers and walking them to their first day of kindergarten. You spent years tackling math problems together, and now, those quiet evenings have been replaced by the sound of their music thumping through the walls."
As a parent, are you ready for the next step in your children's future?
With Canadian university tuition averaging over $7,300 per year—and even higher in some provinces—supporting multiple children through post-secondary education can feel overwhelming. Fortunately, you can make this process easier. Utilizing a Family RESP allows you to centralize savings, while catching up on missed contributions can unlock thousands in government grants.
You have options - A Registered Education Savings Plan (RESP) is one of them.
Contributions to these accounts are eligible for a 20% match through the Canadian Education Savings Grant, up to $2,500 per year—providing up to $500 in additional funds. For lower-income families, the match on the first $500 contributed can increase to 30–40%. Another option to consider when planning for education costs is setting up a trust account.
While saving for post-secondary education may seem overwhelming at first, it can be more manageable than you might think with the right approach.
Work with your advisor to create a clear, actionable plan for your financial goals.
In the blink of an eye, your child will graduate, and you'll be welcomed into a new, loving chapter of changing diapers for your grandchildren.
Educational Savings
Help your child avoid student debt with an RESP. These plans allow your savings to grow tax-free until they are ready to attend a university, college, or trade school.
Grandparent's Gifts
While they love their grandchildren dearly, grandparents can sometimes frustrate their own children through the way they express that affection.
Tax Free Savings Accounts
A TFSA is a registered account that allows you to grow your investments, such as stocks or GICs, entirely tax-free. While contributions are made with after-tax money, all interest and investment income earned within the account is 100% tax-free, even upon withdrawal.
College Tuition Calculator
Estimating future education costs depends on your child's age, program length, location, and living arrangements (home vs. away). Total expenses are driven by tuition, room and board, and inflation. Using an RESP Savings Calculator helps you tailor savings to these specific scenarios.
Financial Aid
Numerous financial aid opportunities, including interest-free loans and non-repayable grants, are available for students pursuing studies in Canada. The federal government, in partnership with provinces and territories, offers integrated funding for tuition and living expenses. These loans are interest-free while studying.
Grants
Use the Canada Student Financial Assistance Program to secure grants and loans for your post-secondary studies, whether you are a full-time or part-time student.