November 15–21 marks the second annual Education Savings Week in Canada.
Why should you celebrate this week? As outlined in the Huffington Post, here are three reasons why we’re celebrating Education Savings Week.
1) Education isn’t getting any cheaper
Post-secondary students should plan on paying roughly $5,959 this year for their tuition. This number is only increasing, so if you have young children the cost of their education after high school will be much more. The best way to save for your child’s education is to start early, and take advantage of programs like the RESP.
2) Many eligible children still don’t have an RESP
RESPs are truly an amazing way to save. The income is tax-sheltered, and you can get FREE MONEY from the government for opening and contributing to your account (see reason number three). Statistics tell us that about half of Canadian children still don’t have an RESP in their name. Remember you can open an RESP for free, and with no minimum monthly contribution, at your local bank or credit union.
3) The government wants to pitch in—why not let them?
Can you say FREE MONEY!!!! Many people still don’t know that the Federal Government will give you money just for opening an RESP. Let’s all repeat that again – FREE MONEY!!!!! You can also get matching money for every dollar you contribute up to $2500 per year.