Your child's education - Michael Deane & Associates

Your Child’s Education

First you were putting on their diapers. Then you walked them to their kindergarten classroom. You helped them with their math homework. You listened to their loud music through the walls.

Are you ready for what comes next?

Post-secondary education tuition can cost over $6,000 per year. ¹ If you have multiple children, you are looking at a lot of money if you are planning on helping them out. How can you make this process easier?

A Registered Education Savings Plan (RESP) is one option.

Contributions to these accounts receive a 20% match from the Canadian Education Savings Grant up to $2,500 per year, which is $500 of free money. If your income is low, you can receive a 30-40% match on the first $500. Setting up a trust account is another option to help pay for college.

Saving for Post-secondary education can appear daunting, but it doesn’t have to be.

Your financial advisor can help create a road map so you can make progress in steps. Before you know it, your child will be out of Post-secondary education, and you’ll be putting on diapers again – on your grandchildren.

Educational Savings

RESPs are Registered Education Savings Plans that grow tax-free until the child is ready for university, college or a vocational institute. The student usually pays little or no tax on…

Grandparent Gifts

Grandparents, in their children’s eyes, can be a source of frustration. Not because they do not love their grandchildren but because of the way they express it in…

Tax Free Savings Account

The TFSA is a registered savings account that allows taxpayers to earn investment income tax-free inside the account. Contributions to the account are not deductible for tax purposes, and…

University Cost Calculator

The future cost of your child(ren)’s education depends on their current age, how long they will be in school, where and what they plan to study and whether they choose to…

Student Aid

There are numerous student aid opportunities available for students wanted to study in Canada. This aid comes in the form of interest free loans, student grants or grants for special…

Student Grants and Loans

The Canada Student Financial Assistance Program offers grants and loans to full-time and part-time students to help pay for their post-secondary education. You don’t need to pay back…

¹Statistics Canada

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