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. We provide a variety of investment options including Guaranteed Investment Certificates and mutual fund solutions*
- The money you contribute and invest grows tax-deferred within an RESP.
- 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 a maximum of $7,200/child. Additional provincial grants may be available.
- You can contribute $50,000 over your child’s lifetime towards an RESP, and there are no taxes payable on the money earned inside of the RESP until it's withdrawn.
*Mutual funds are available through Canadian Western Financial, please speak with your CWB Account Manager to learn more.