Save for my child's education
It's never too early to start saving for your child's education
Saving for my child's education
A post-secondary education can provide your child with invaluable skills and opportunity as they begin their adult lives, but the rising cost of tuition can pose an unwieldy financial barrier as they look to reach their full potential. Saving early and often for your child’s education means they can depend less on the burden of student loans, which can carry extra interest charges and could take your children upwards of 15 years to pay down.
Saving now will mean spending less later when your child decides to pursue a post-secondary education.
Hints and tips
- Open a Registered Education Savings Plan (RESP) through CWB. Our RESPs are managed through Concentra Financial.
- Depending on how much you contribute to an RESP, the Federal Government’s Canada Education Savings Grant can provide up to an extra $500 a year to your savings. Additional provincial grants may be available.
- You can contribute $50,000 over your child’s lifetime towards an RESP without any additional taxation or tax penalties on your savings.
- Contributing to an RESP can also act as a deduction with you annual income taxes meaning it could help with you bottom line during tax time.