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Why do you need an RESP for your child(ren)?

by Maxine
Posted August 1 2010 12:30am
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As many parents already know, the cost of post-secondary education continues to grow, making it more difficult for you to shoulder the cost of tuition alone and nearly impossible for a student working part-time to pay tuition without additional help.  While you might not be thinking about the costs right now, when your focus is on your new baby or young toddler, the earlier you start saving the more your savings will grow! And with incentives and tax shelters from the government, there are many opportunities to maximize your savings. With estimates putting the cost of post-secondary education well over $100,000 in the not-too-distant future, do you really want to turn down an opportunity to further your child’s education? 

The Government of Canada provides incentive programs, called the Canadian Education Savings Grant and the Canada Learning Bond, through Registered Education Savings Plans (RESPs). These incentives can add a substantial amount of additional funding to your RESP savings. Your child is only eligible for these grants if you open an RESP.

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