Welcome back to the routine! The leaves are browning and the frost is on its way back already, even though June still feels like yesterday. With school back in session we thought it would be timely to go over the ins and outs of saving for education, whether for your child, grandchild, or even yourself!
Now that school is back in session and the flurry of summer vacations are behind us until next year, it’s time to get back into the swing of things. As exciting as it is sending the kids back to school, the time is fast approaching that they’ll face the decision of what to do after graduation.
If you’re one of the many parents who have already sent their kids off to college or university, perhaps for the first time this year, your routine probably looks a bit different than it used to, maybe including a trip moving the new freshman to campus, or to the bookstore to buy up to $1,000 of textbooks (for one semester at university!). If part of your new routine is a trip to the bank for a loan, this Education Savings edition of our newsletter may have been helpful about 18 years ago!
Along with a look at the effect the U.S. election may have on the markets, in this newsletter Rick takes an in-depth look at details of Registered Education Savings Plans, the government grants awarded to these plans for qualifying holders, and the particulars of using RESPs when the tuition bill arrives.
There are other ways to save for an education besides RESPs, however. Melissa discusses the additional benefits of insurance policies for your children and how these can be used for more than just life cover, Patricia tackles education for our generation: how to use RRSPs to go back to school, and Lorna gives an outline on how to use Registered Disability Savings Plans in conjunction with RESPs to maximize your savings after high school.
We hope you’ll find this education savings edition of our newsletter both helpful and insightful. As always, if you have a topic you’d like to see covered, let us know!