Toronto The Daily News – CrackedPudding.com

Top Menu

  • Login
  • Archives
  • Les Actualités
  • ESPAÑOL
  • Advertising
  • Contact Us

Main Menu

  • Home
  • Business
  • Entertainment
  • Food & Drink
  • Headline
  • Health
  • Editorials
  • Buzz
  • Lifestyle
  • Sports
  • Adults Only
  • Dating
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Login
  • Archives
  • Les Actualités
  • ESPAÑOL
  • Advertising
  • Contact Us

logo

Header Banner

Toronto The Daily News – CrackedPudding.com

  • Home
  • Business
  • Entertainment
  • Food & Drink
  • Headline
  • Health
  • Editorials
  • Buzz
  • Lifestyle
  • Sports
  • Adults Only
  • Dating
  • Interesting Museums to Visit Around Arlington, VA

  • The Best Small Towns to Check Out in Western Canada

  • 56 reports of ‘adverse events’ following COVID-19 vaccinations in B.C.

  • Adverse Events Reported From COVID-19 Vaccine Trials: A Systematic Review

  • Neurologic adverse events among 704,003 first-dose recipients of the BNT162b2 mRNA COVID-19 vaccine in Mexico: A nationwide descriptive study

Business
Home›Business›CST’s RESPs Help To Plan For Your Child’s Education Costs

CST’s RESPs Help To Plan For Your Child’s Education Costs

By admin
August 12, 2018
1760
0
Share:

Putting money aside so that your children will be able to get a post-secondary education is important.  It’s so important, in fact, that a global study by HSBC found that 54 percent of Canadian parents would go into debt to fund their children’s post-secondary schooling; more broadly, nearly 50 percent of parents prioritize education savings over their own retirement savings.  What is perhaps more alarming is the fact that two in five students in Canada say they have no savings for education and, a point that will be outlined in more detail, two-thirds of students don’t have a Registered Education Savings Plan (RESP) – as highlighted in a Globe and Mail article on the cost of post-secondary education published in 2017.

“Since the 1990s, university tuition costs have risen at about three times the rate of inflation, and the high costs make the dream of post-secondary schooling difficult to realize, if not unattainable if families haven’t put enough money aside,” explained Peter Lewis, VP Canadian Scholarship Trust Foundation, one of Canada’s leading and oldest RESP experts.

The issue is how to pay for your child’s education. A report by Maclean’s found that half the nation’s students are in debt and nearly two-thirds of them say they have no RESP to help out.

A lot of people wonder where we’re going from here. Kyle Prevost, an educator and personal finance blogger, reflects: “It has never been more popular (and many would say “essential”) to pursue further schooling after high school in Canada.”

“However, it is interesting to consider just how we got where we are today, and to note that we might be putting ourselves in some pretty dire straits if we don’t plan for the future,” he adds.

Providing an advantage that many parents in other countries don’t have, an RESP is a savings account that encourages families to put money aside to grow, tax-free, for a child’s post-secondary education. The federal government and some provincial governments add to the account through generous grant programs, if certain conditions are met.

Annie Kvick, a certified money coach in Vancouver, tells Maclean’s that it’s smart to open one early and even when money is tight, family members and good friends can be encouraged to swap in a contribution versus buying their child a new toy for their birthday  “It’s a good cause, as opposed to just buying toys and more clothes for the child,” says Kvick. “Grandparents especially love to have this option available to them.”

While you can start an RESP account at any bank or brokerage firm, CST suggests you carefully review the options available to you.

“It’s hard to think about university when your child is just an infant,” Mr. Lewis adds. “But they grow up fast – and you’d be surprised at how much the account grows, too, putting your family in a much better position to help finance that expensive education.”

Canadian Scholarship Trust Plan is only sold by Prospectus. Please see the Prospectus for more detailed information. Copies may be obtained from www.cst.org or by calling 1.877.333.RESP (7377).

Post Views: 1,861
Previous Article

Stop Cuddling up to The Coyotes: Montreal ...

Next Article

Researchers Make a Pizza That Can Prolong ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Business

    Ontario government freezes salaries of public sector executives

    August 15, 2018
    By admin
  • Business

    Sidewalk Labs reveals latest plans for Toronto ‘smart city’ development

    August 15, 2018
    By admin
  • Business

    The Best Funding Options for Women Business Owners

    February 2, 2019
    By admin
  • Business

    Renovation nightmare: Lack of quality contractors leaves Toronto homeowners in a bind

    August 15, 2018
    By admin
  • Business

    How to maximize your retirement savings

    January 24, 2019
    By admin
  • Business

    Hotel-to-condo developments are threatening Toronto’s convention business: report

    August 15, 2018
    By admin

Popupar Articles

  • Week
  • Month

Week

  • Verano 2019 Vacaciones: u... Muchas veces vacaciones es sinónimo de relajación, desc... 3 views
  • Trump reconoce como presi... En un escueto comunicado de apenas dos párrafos, el pre... 3 views
  • Dog rips open neighbour’s... A mortified Jenna put the offending item in a bag and i... 3 views
  • Are vaccines driving the... I was perusing the in box of my account for this blog... 3 views
  • SEX-PLAINED From farting... WE all enjoy getting busy between the sheets, but for s... 2 views
  • Los latinoamericanos expe... La sociedad arcaica a la que los abuelos estaban acostu... 2 views
  • All of the Evidence Is In... In my efforts to provide good information in place of... 2 views
  • Is It OK To Have Sex In P... If your hometown is anything like mine, there was... 1 view
  • Adverse Events Reported F... Abstract COVID-19 infection originated in Wuhan, Ch... 1 view
  • The most brilliant scient... (Natural News) Welcome to Los Alamos, New Mexico, where... 1 view

Month

  • BOMBSHELL: Google tracks... (Natural News) By now, most people realize that Google...
  • 56 reports of ‘adve... VANCOUVER -- After administering nearly 120,000 doses...
  • Los latinoamericanos expe... La sociedad arcaica a la que los abuelos estaban acostu...
  • Lottery Winner Collects R... Winning the lottery can sometimes be both a blessing an...
  • All of the Evidence Is In... In my efforts to provide good information in place of...
  • Interesting Museums to Vi... Arlington is at the heart of the country, since it is...
  • Are vaccines driving the... I was perusing the in box of my account for this blog...
  • Neurologic adverse events... Abstract mRNA vaccines against SARS-CoV-2 are remar...
  • Bucking health orders, Wi... Pastor Aaron Rock of Windsor’s Harvest Bible Church in...
  • More than 100 Ontario you... A report quietly released last week by Public Health O...



Recent Articles

  • Interesting Museums to Visit Around Arlington, VA
  • The Best Small Towns to Check Out in Western Canada
  • 56 reports of ‘adverse events’ following COVID-19 vaccinations in B.C.
  • Adverse Events Reported From COVID-19 Vaccine Trials: A Systematic Review
  • Neurologic adverse events among 704,003 first-dose recipients of the BNT162b2 mRNA COVID-19 vaccine in Mexico: A nationwide descriptive study
  • Alberta man says AstraZeneca shot led to serious health issue, wants federal compensation
  • Comirnaty and Spikevax: possible link to very rare cases of myocarditis and pericarditis
  • Are vaccines driving the emergence of “escape mutant” variants of COVID-19?
  • All of the Evidence Is In: The Covid Vaccine Is a Failure
  • Judge denies terminated firefighters’ request to be reinstated

Most Viewed Articles

No Posts found

Visitors

  • Home
  • Business
  • Entertainment
  • Food & Drink
  • Headline
  • Health
  • Editorials
  • Buzz
  • Lifestyle
  • Sports
  • Adults Only
  • Dating