Being a mom to 2 little ones can be crazy. Within the year my daughter was born, I went to set up an RESP not because I thought I needed it right away but it was to get the grant money. I was also part zombie at that time from lack of sleep, nursing and dealing with non-stop crying that I hadn’t stop to think hmm…. maybe I should set up a family RESP in case I have more than 1 kid, luckily it was an option when I was filling out the paperwork.
Now my kids are a little older and I’ve gotten a little more sleep, I created this infographic checklist on saving for education. While RESPs are an effective way to save for your child’s education, keep in mind that not everyone goes to school which is why we list personal savings and cash-value life insurance. These savings vehicles provide flexibility for using the funds for other options such as down payment for a home.
There are also 2 sides to this infographic; the parents side and kid side. The parents’ side talks about how much and what we can do to help save for our children including RESP, savings, life insurance and how much to save. The kids’ side talks about what the kid can do to save for education including getting a part time job to save, applying for scholarships, bursaries and grants and obtaining a loan.
For all our advisors, I’m putting this out now because the December 31 deadline is around the corner and sending reminders to your clients and prospects will save you from last-minute deposits the last week of December. Please also keep in mind that in certain provinces, there are additional grants outside of the CESG that you can apply for. (Example: BC Training & Education Savings Grant Information)
If you’re an advisor of ours, please feel free to reach out and let us know if you’d like a branded version of this to share with your clients. If you’d like to become an advisor of ours, we’d be happy to help you with your content and website needs.