My youngest started school this year.
Taking bus ride with her brother and making new friends at school is very exciting for her. Not to mention, the Frozen back pack and shoes does inspire my daughter to get up and blend into her new routine every day without much fuss.
And her big brother? He voluntarily signed up to become the guide and protector of his little sister in the bus and at school. Quite a promotion, I think he is proud of his new position and does it really well too!
Why is Saving for your Kids’ Education Important?
Now with both kids at school, I am like any other parent thinking more and more about their educational and financial future. Post secondary education is a big expense, no kidding! While paying for it is a great investment for your child’s future, Canadian tuition fees and other education-related expenses continue to climb.This makes it difficult for many families to fund the cost, especially if there’s more than one child involved.
The other day, I was reading upon some statistics and it was a rude awakening to what must be done. Allow me to share some staggering numbers with you:
• $66,000 is the cost of an average four-year program, including meals, tuition, accommodation and transportation.
• $117,000 is the expected cost for the same program 15 years from now.
• Full-time undergraduate students paid 4.3 per cent more in tuition in 2012 than in 2011, on top of a 4.0 per cent increase the prior year.
*Source: Statistics Canada www.statcan.gc.ca Centre for Education Statistics – 2013.
Have you thought about how you will fund your child’s post-secondary education? Do the above statistics concern you? If you answered “yes” to these questions, you must get introduced to SmartSaver.Org and what they do.
What/Who is SmartSAVER?
SmartSaver.org is a non profit organization helping modest families across Canada to save for their kids’ future education using no-fee Registered Education Savings Plans (RESPs).
Now if you are wondering what an RESP is, keep reading.
A Registered Education Savings Plan (RESP) is a type of savings vehicle, registered by the Government of Canada, that can help you (the subscriber) pay for the cost of a child’s education after high school, including tuition, books and living expenses. Money contributed to the plan is allowed to grow tax-deferred until it is taken out to pay for a child’s full-time or part-time post-secondary education expenses. However, you do not get a tax deduction for the contributions as you would for RRSP contributions. There is no annual contribution limit with an RESP, but there is a lifetime plan maximum of $50,000 per beneficiary. Anyone can open an RESP: parents, guardians, grandparents, other relatives or friends.
[bctt tweet=”Plan for your children’s bright future with @smartsaverorg! Learn about govt grants and #freemoney! ” username=”amomlessmom”]
Canada Learning Bond is FREE MONEY upto $2000 for Eligible Families!
With the help of SmartSaver.Org and opening up an RESP, families get access to federal government grants including the Canada Learning Bond. Did you know just by opening up an account, Government will contribute up to $2000 per eligible child for their education? Yes, that’s FREE MONEY!
Keep in mind though, It’s only available for children born after December 31, 2003 and whose families receive the National Child Benefit Supplement (NCBS), also known as the “family allowance” or “baby bonus.”
Facts say, to date, less than 40% of eligible families have claimed Canada Learning Bond. That’s over 1.5 million Canadian children who are missing out on the opportunity to have their education savings started with free money!
If you are included in this group and you qualify, let’s act! SmartSAVER is here to help.
Open a no-fee RESPs for your children today and collect the government grants to which you are entitled! Visit SmartSaver.org and use their online RESP starter and Canada Learning Bond application. The process is pretty self explanatory and you will get more info as you progress through the online sign in process.
Know More Money
I also just learned about yet another great resource from SmartSAVER called Know More Money. Through this platform, they bring Canada’s best financial savvy speakers to chat directly with families who face the biggest financial challenge – no money to spare! Have a question about your child’s education grants? Now you know where to ask 🙂
More good news on the way!
SmartSAVER is offering a $50 Grocery gift card to ONE lucky winner. You can only win ONCE as there are other participating blogs hosting the same giveaway. Contest winner will be announced with SmartSAVER during Education Savings Week (November 21-27, 2016). This giveaway is open to Canada. Just enter below to reserve your spot. Good luck!
If you want more chances to win, follow #EveryChildAnRESP hashtag on Twitter or Facebook 😉
You are welcome!
****This post is sponsored by SmartSAVER but all opinions expressed here are my own and honest****
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LILLIAN BROWN says
yes, a education savings plan is important and my grandchildren have one
Florence C says
Yes sitting up an RESP is important. Education is very expensive and with an RESP the government contributes.
Setting up RESP is important.if your child is staying at home they might not qualify for loans and bursaries
ivy pluchinsky says
Yes setting up an RESP for your child is important!
Amy Heffernan says
Yes I think it is very important because you are investing in their future!
I believe setting up an RESP is important for children as the cost of education continues to increase. Student loans are becoming more difficult to pay back and so it is important to give the kids all the help you can.
Sunshine H says
I do feel an RESP is important. Even a few dollars can help when it comes to paying for education. Between tuition, books, electronics, special equipment etc, the costs can add up quickly. It’s also a great way to teach kids about how saving a little bit at a time can add up over the long term.
Yes, I think that setting up and RESP is important as it will help to offset some of the costs of post-secondary school.
kristen visser says
I believe it is very important! My parents never had one in place for my brothers and myself. When I went to college they paid the first year and the second i had to get a student line of credit which i spent years paying off. I don’t want that for my girls. Unfortunately money has been tight paying for my daughters private at home therapy but now due to funding we have money that we will soon be able to put into an RESP for our daughters
angela m says
Yes I think sitting up an RESP is important because it is helping with their future.
Andrea Amy says
Yes, its important, but not everyone can do it. I would love to, but I have so many kids and we’re week to week right now. Even just paying rent and keeping food in the house is a challenge (and always has been). We’ve never had the money.
I think the resp is important as kids will strive to do better in high school so they can attend post secondary.
jessica s says
Yes I do. Education is SO important and so expensive these days! it’s great to be able to start saving early on.
Robyn Bellefleur says
Yes, I think it’s important because school is not cheap and you cannot predict how your future finances are going to be.
Jenness M says
Yes it is important. I had to pay for uni on my own which was impossible without student loans that took my years and years to pay off.
Lindsay T says
Yes I’m a Canadian citizen, born & raised!
Lindsay T says
Absolutely I think RESP’s are important, which is why my girls had them set up by the time they were a month old! You need a post-secondary education to get any decent job nowadays, any support we can give them to get to that point we will do!
Karla Sceviour says
yes,I do think it is important.
Josh S says
I think it is important. It is a good idea to save for the future.
Krista M says
Yes I believe saving for our children’s education with RESP’s is important because school costs continue to rise & school loans are difficult to pay off. This is a nice gradual way to save & start early.
Rebby Roberts says
Yes setting up an RESP is very important, saving for the future early will make it easier for everyone when the time comes for university!
Yes, I think it is very important to set up an RESP for your children because the cost of education is increasing so quickly.
Tracy D says
Definitely, the cost of education is increasing every year.
I think it’s really important so kids can have some money going into college or university
Carol M says
Yes I think it is important as secondary education is valuable and expensive.