Plan your Child’s Someday Today #RESPwithRBC

My son goes back to school after this long weekend. He will be in Grade 1.  

It is incredible to see my baby all grown up! Feels like it was just yesterday I was holding him in my arms for the very first time. Years went by too quick and here we are, my son and I, on his first day in Grade 1.  

He has helped me do all the back to school shopping to prepare for the big day! He keeps talking about meeting up with his friends whom he missed dearly during the summer vacation.  His excitement is truly contagious and we all are quite proud of this great milestone of our life… 

I dream about my kids’ future everyday. I know some day, they both will have a life of their own. They will go to university, find a job of their choosing and be successful in whatever they do. As parents, it is our responsibility to make sure our kids have all the resources they need. We strive to make it available to them- be it financial or emotional support.  

                                                                            Image Courtesy: RBC

We have RESP set up on their names and I know that the funds will be available to my children when the time comes. 

What is RESP? 

The Registered Education Savings Plan (RESP) is a tax-sheltered plan that can help you save for a child’s post-secondary education. With the high cost of education, many parents, grandparents and other family and friends are recognizing the need to save well before the expenses become a reality. An RESP combines flexibility, tax-deferred investment growth and direct government assistance to help you reach your education savings goals for your children.

Knowing the importance of RESP, you may wonder how to set up one

An RESP can be set up for any “beneficiary,” including your children, grandchildren, nieces, nephews or family friends. The “subscriber” to the plan is the person who opens the plan and makes contributions to it. The subscriber also designates the beneficiaries who are to use the funds for their post-secondary education.

 

I personally prefer RBC RESP program and here are the reasons why:

Lots of Investment options 

You can choose to invest your RESP in a basic savings deposit, GIC’s or mutual funds, whichever way you want.

Flexibility

RBC RESP is flexible in the way that if you need to change beneficiaries or your child wants to travel before starting his or her post-secondary education, that’s not a problem. All you need to do is to talk to an RBC advisor. 

RESP Gift Cheques

I LOVE this feature! An RBC RESP Gift Cheque  can be used to invest in a child’s future. RESP Gift Cheques can be deposited into new or existing RBC RESP accounts. It is like giving a gift of knowledge…

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RESP-Matic

With an RESP-Matic, you contribute to your RESP regularly and automatically. It’s one less thing to worry about for our fast paced life.

As you see, there are many benefits to opening up an RBC RESP account. Make your money work for you by setting up an RESP for your kids. Start with small contributions and increase them in time as your kids grow up. And as I said before, the RBC RESP-Matic will really help your savings add up!A small contribution of only $25/week can add up to $50,911 in 18 years! 

Want to know more about RBC’s RESP? Join us for a Twitter party on September 17th at 9 PM ET. Along with learning more about RBC RESP, you also stand a chance to win one of 6 $150 Visa Giftcards! All you have to do is show up at 9 PM and follow along the hashtag #RESPwithRBC. That’s it! Sweet deal, right? 

Planning your children’s future doesn’t need to be overwhelming. With the right knowledge and access to resources, you can make your child’s “Someday” brighter than ever before. They will thank you for it…someday!

 

****This post is written in partnership with RBC and Influence Central Canada.All opinions are 100% my own****