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How to Choose a Broker

by Maxine
Posted August 1 2010 12:36am
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When looking for an RESP provider, it is important that you shop around and ask questions. Be sure to choose a company that you feel comfortable with, as you will be working with said company throughout the lifespan of your RESP.

RESP providers may be from a bank, a mutual fund company, a discount brokerage, or another financial institution. They must be registered and regulated by the government. They will help you pick the plan that works best for your situation and will offer you advice on making safe investments for your money. Your provider will manage the payments when your child starts post-secondary education and needs to collect the funds.

Your provider will also help you manage your contributions should your child decide not to continue his or her education after high school.

Be sure to ask many questions, as RESP providers offer different plans that have different rules or restrictions. Some charge service fees or limit the amount of money you can put into your plan. In some cases the terms of your contract dictate how often you can contribute and/or that you must make regular payments.

The Government of Canada suggests reading this information before choosing an RESP provider: http://www.canlearn.ca/eng/saving/resp/mcn.shtml and the offer a list of suggested questions to ask: http://www.canlearn.ca/eng/saving/resp/qrp.shtml

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Do Video Games and TV Affect Your Child’s Attention Span?

by Guest
Posted March 13 2012 04:31pm

Research published in the July 2010 edition of the journal Pediatrics finds a strong correlation between screen time and attention problems. The authors of the study found that the associations between screen time and attention problems were similar across age (middle childhood/adolescence/young adulthood) and across media types (video games/television).

Experimental Design

The study looked at video game and television habits as reported by the children and their parents, as well as reports from the children’s teachers regarding their performance in school, including any attention problems. More than 1300 kids in grades 3, 4, and 5 took part in the study. The study’s authors found that children who exceeded the recommended two hours of screen time per day were 1.5 times more likely to exhibit attention problems in school.

Correlation doesn't equal Causation

The first caveat to these findings is that correlational data only go so far. We know there is a relationship between attention and screen time, but teasing out the details of this relationship requires further research. Do video games cause attention problems or do kids with attention problems play more video games? Are there other factors at play, such as not getting enough exercise or regular sleep? Without a randomized controlled trial we cannot draw any causal conclusions about how video games affect children’s attention spans.

Recommendations

The American Academy of Pediatrics and the Canadian Pediatric Society both recommend limiting children’s screen time to no more than two hours per day. Between handheld video game devices, television, computers, console games, and movies this recommendation will be one that is increasingly difficult to implement.

What’s Your Strategy?

I recently heard about one parent’s unique approach to managing their child’s handheld gaming time; they give their child one battery charge per week, then it is up to the child to spend it wisely throughout the week. What’s your media management strategy? Post a comment below and share your tips for how to enjoy media wisely.

 


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Kidobi provides smart media solutions for parents with young children. Our unique technology adapts to the skill level of each child, creating tailor-made, ad-free playlists that are just right for them. Give your child media that matters! Visit www.kidobi.com today to make screen time count!

 

 

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Can I open an RESP for a teenager/older child?

by Maxine
Posted August 1 2010 12:38am
Filed under:

Yes, you can open an RESP for a teenager or older child. Any child 17 or younger is eligible for the Canada Education Savings Grant. However, the younger you start the more interest will accrue and the more contributions you will be eligible to receive from government incentive programs. Since the plan is designed to support long-term savings for your child’s education there are special rules that apply for children between the ages of 15 and 17. Contact Service Canada or speak to your RESP provider for more information on your specific situation.

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How much will the Government contribute to my child’s future?

by Maxine
Posted August 1 2010 12:41am
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The amount the government will contribute to your RESP depends on several factors. There are two programs available:

  1. The Canada Education Savings Grant
  2. The Canada Education Savings Grant provides a financial incentive for parents to save for their child’s post-secondary education using RESPs.  

This grant equals 20% on the first $2,500 of your annual contributions.

On the first $500 you save in your child’s RESP account, the Canada Education Savings Grant will give you:

  • Up to $200, if your net family income is $38,832 or less
  • Up to $150, if your net family income is between $38,832 and $77,664
  • Up to $100, if your net family income is more than $77,664

These numbers were taken from the 2009 CanLearn brochure on Education Savings for your child (www.canlearn.ca). The net numbers are adjusted yearly, so check with your service provider for the most up-to-date figures. 

If you are able to save more than $500 every year, the Canada Education Savings Grant can add up to $400 on the next $2,000 saved. The maximum lifetime grant the Government of Canada can give your child through the Canada Education Savings Grant is $7,200 per eligible child.

Your family income could qualify you to receive additional funds from the Canada Education Savings Grant. No matter what formula you choose, your lifetime limit remains $7,200 per eligible child. 

* If your net family income is below $39,065†, the grant will be 40% for every dollar on the first $500 you save and 20% of the next $2,000 in your child’s RESP each year. That means you could receive up to $600 in CESG per year.*

* If your net family income is between $39,065† and $78,130†, the grant will be 30% for every dollar on the first $500 you save and 20% of the next $2,000 in your child’s RESP each year. That means you could receive up to $550 in CESG per year.*

* Acknowledgement Heritage Education Funds Inc. 

The Canada Learning Bond

The Canada Learning Bond is a different option that is geared towards families who do not have a high enough income to contribute substantially to an RESP, but who would like to save for post-secondary education.

You are eligible for the bond if:

  • Your child was born after December 31, 2003; and
  • Your monthly Canada Child Tax Benefit payment includes the National Child Benefit Supplement. (www.canlearn.ca)

With this program, qualifying families receive a lump sum payment of $500 into their child’s RESP. Each year, another payment of $100 will be made automatically until the child is 15 or as long as you continue to receive the National Child Benefit Supplement. The total available to you could be up to $2000. You do not need to contribute any of your own money to get this bond. (www.canlearn.ca)

If your family income is less than $39,065 your child could receive additional funds through the Canada Education Savings Grant if you are able to make contributions to their RESP. The grant will provide 40% on every dollar on the first $500 you save and 20% on the next $2000 each year. This could mean up to $600 on Canada Education Savings Grant money every year.

For residents of Alberta and Quebec there are further options available through the Alberta Centennial Education Savings Grant or the Quebec Education Savings Incentive.

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