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Education Planning

Helping you secure the future for your children

In this competitive world in which we live, a post secondary education can result in career advancement and higher earning potential. You know education is important, but have you calculated the cost? And do you have the advice you need to take advantage of the right education savings products for your situation?

With tuition costs rising faster than inflation, covering the cost of post secondary education is often challenging. Our Financial Professionals are here to help you plan and implement an education savings plan, a critical part of your investment portfolio.

Benefiting from RESPs

A Registered Education Savings Plan (RESP) is a registered plan that allows you, your family and/or friends to contribute towards a child’s education.

  • Your RESP contributions can accumulate and grow tax-free over the life of the plan. When you withdraw funds to pay for your child’s education, only the growth and grant portion of the plan is taxable.
  • You control how much you contribute each year, subject to a lifetime contribution of $50,000 per child.
  • You can invest in a portfolio of growth-oriented investments from a wide range of mutual funds, even those that invest outside of Canada
  • You can open an RESP with for as little as $25 per month*.
    *Depending on investment option, higher minimums may apply
  • The government adds 20% to the first $2,500 of annual contributions made to all RESPs of a qualifying beneficiary to a maximum grant of $500 per year.
  • You can transfer RESP funds to your RRSP or your spouses RRSP if your child does not use it for education (provided you or your spouse have available contribution room, up to a maximum of $50,000. RESP beneficiary must be at least 21 years of age and be ineligible for education assistance payments. The RESP account must have been in place for at least 10 years).

Start now and maximize the return on your investment

Don’t assume you’ll have the money available when the time comes, because the time approaches quicker than you think and often, the funds are not available for education. Start investing for a child’s education early and maximize the return on your investment.

Anyone can contribute to an RESP - immediate family, grandparents, uncles, aunts, even friends.

Our Financial Advisors can look at your whole financial picture and make sure you are investing enough into a Registered Education Savings Plan or other education saving products to cover the high costs of post secondary education.

Mutual Funds Offered as an account Representative of:

Manulife Securities logo